Latest News
The Age When Most People Start Saving for Retirement
“Saving for retirement is a lifelong process,” says Katie Brockman of The Motley Fool. A report from Charles Schwab states that 1/3 of Americans think they’ll need between $1 million and $3 million saved to retire comfortably. A recent survey from Morning Consult found nearly 40% workers started saving for retirement in their 20s. Roughly 25% began in their 30s, and another quarter waited until their 40s or beyond to start saving. A tiny 8% of workers started before age 20. But the average age to start saving was 31 years old according to findings from Nationwide’s survey all American workers. Brockman’s full article can be read here.
AMAC has proposed Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in Washington DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.