Planning for the long-term isn’t a strong suit of many Americans… just ask today’s retirees. As many as 40% of Baby Boomers lack meaningful retirement savings — and about a third of them will have to rely on Social Security alone in their golden years.That’s why traditional wisdom favors starting your retirement savings early — but most Americans didn’t get the memo. In 2020, just 56% of Gen Xers had a retirement account like a 401(K) or an IRA, and less than half of Millennials had one, according to Census.gov.
It’s not getting any easier to save, either. Research from MBO Partners estimates that 45% of the workforce, or 72.1 million Americans, are now independent workers — a trend that accelerated during the pandemic and left many workers without popular workplace retirement plans like a 401(K), 403(b), or Thrift Savings Plan.
