Survey 21% of adults have nothing saved for retirement

Survey 21% of adults have notlagehing saved for retirementSurvey 21% of adults have nothing saved for retirementYou may have grown up hearing that you should save for retirement as soon as possible - a new report suggests having twice your salary by age 35- but new data shows that some people havent actually put this advice into practice.New research from Northwestern Mutuals Planning Progress Study 2018 shows that 21% of American havent saved a dime for their Golden Years- thats right $0. Plus, while 33% of working people think theyll be able to retire between ages 65 and 69, 38% think theyll have to retire at age 70 or later.Harris Poll surveyed 2,003 American adults for Northwestern Mutual.Here are a few of the points that stood out.How prepared Americans are for retirementThe research found that among Baby Boomers, 33% have saved up $0-$25,000 for retirement. Around one in three people surveyed havent hit $5,000 in retirement savings yet.Among those who havent retired yet, pe ople have varying opinions on the future of Social Security 24% think its not at all likely that it will be around when they reach their Golden Years, 51% think its somewhat likely that it will be and 24% think its extremely likely.Rebekah Barsch, vice president of planning for Northwestern Mutual, commented on the research in a statement.As financial implications of retirement become increasingly complex, inertia just isnt an optionThe good news is that its rarely too late to start. In fact, we often compare financial and physical fitness because the hardest part is taking the first step. However, once people commit to a strategy and start seeing positive results, theyre motivated to meet and even exceed their goals.People plan to retire at different agesOf those who plan to put off retirement by working beyond age 65, 45% want to do soby choice, with wanting additional disposable income being the top reason why at 55%.Fifty-five percent think theyll do it out of necessity, with th e top reason being that they wont have enough money put away to retire comfortably, at 73%.So, just how freaked out are people about being able to have a comfortable retirement when it comes to their finances?While 22% arent concerned at all, 52% are somewhat concerned and 26% are extremely concerned. This data echoes separate, recent findings that 46% of non-retired Americans dont think theyll have enough money when they officially leave the workforce.