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Over 25% of Americans contributed 3% or less to retirement plans
Put this in the “Uh Oh” column. Javier Simon shares a grim statistic from a Bank of America study– more than a quarter of Americans (26%) saved 3% or less in their 401k plan. Experts believe a 15% savings rate is optimal. Perhaps its inflation causing the low savings rate, but it portends a bleak future for many at a time when Social Security is also in financial trouble with insolvency predicted in ten years. Full article here.
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