Survey: Number of Americans ‘saving more’ toward retirement continues to climb

Recent data shows that 28% of Americans are saving more for retirement this year while 6% didn’t save for retirement last year or this year.

Prior Bankrate research found that 8% of Americans never plan to retire and 61% “don’t know” how much money they’ll need, more recent data from the site shows that 6% of Americans didn’t save for retirement last year or this year. SSRS surveyed 2,011 Americans for Bankrate.

How much money people are saving for their Golden Years

  • “Saving more:” 28%
  • “Saving less:” 13%
  • “Saving about the same amount:” 48%
  • “Did not contribute this year or last year:” 6%
  • “Don’t know/refused:” 6%

You might not think that the 28% of people who were found to be “saving more” in 2018 is very significant since a staggering 48% of people say they’re still saving as much money for retirement this year as they were last year. But Bankrate highlighted the point that 2018 marks the highest percentage of people increasing their retirement savings (28%) since the question was first posed for their research in 2011.

The company elaborated, further noting that “this is the fourth consecutive year that more Americans have boosted retirement savings, up from 23 percent in 2017; 21 percent in 2016; 19 percent in 2015; and 18 percent in 2013. (The question wasn’t surveyed in 2014.).”

Why people are putting less cash away for retirement

This is why people say that they haven’t started putting away more cash for their Golden Years in 2018 compared to in 2017.

  • “Income hasn’t changed or has decreased:” 26%
  • “Comfortable with retirement savings:” 21%
  • “Focusing on another financial priority:” 16%
  • “Rising household expenses:” 12%
  • “Haven’t gotten around to it:” 11%
  • “Don’t know/refused:” 10%
  • “Unexpected financial emergency:” 5%

Jane Burnett|is a reporter for Ladders and can be reached at jburnett@theladders.com.