Four in 10 Americans Will Retire Flat Broke. Are You One of Them?

Almost 42% of all Americans run the risk of retiring completely broke, according to a new study.

GoBankingRates conducted an online poll via Google Consumer Surveys that asked average Americans about the state of their savings and current retirement plans.

The poll surveyed Millennials, the middle aged and senior citizens. One question was, “By your best estimate, how much money do you have saved for retirement?”

About 42% of Americans said they have saved less than $10,000 in consideration of their retirement plans. Of them, 14% said they have saved absolutely nothing for their future retirement needs.

Most financial experts suggest having at least $1 million dollars saved for retirement.

There are many reasons why such a large percentage of Americans are woefully unprepared for the financial realities of retirement.

Among them are not making prudent investment planning decisions and engaging in unwise investments.

But income is a big reason, too. In response to the question “Which is the main reason you do not have any retirement savings?” more than 40% answered, “I don’t make enough money.”

More than 25% of those surveyed answered this question by saying, “I’m struggling to pay bills.”

Harder to attain

Meanwhile, life expectancies are longer than ever before for most Americans.

That fact, in addition to low incomes and low personal saving rates, has decimated the retirement dreams of many Americans.

Americans aged 65 and older required annual income sources of at least $46,000 to cover average living expenses, according to government data.

Although the recent study was dire news, the 42% percentage of Americans unprepared for retirement has actually shrunk in recent years.

The percentage of Americans with under $10,000 in retirement savings was 55% in 2017 and over 56% in 2016.

More Americans are saving more money, too. More than 16% of Americans have more than $300,000 saved, as opposed to only 14% in 2017 and just 13% in 2016.

Finance experts suggest that people save at least 10% to 15% of their annual income, cut inessential expenses and live somewhere with a lower cost of living in order to save enough for retirement.

Why You Are Not Rich: Financial Misconceptions That Hurt Your Bottom Line

Personal finance is rife with misconceptions, myths, and bad advice. For many, bad advice is why you are not rich. Following the wrong advice and making bad investment decisions can

Pesticide in Milk May Be a Risk Factor for Parkinson’s

Research published in Neurology analyzed the effects of heptachlor epoxide — a pesticide commonly used in milk until the 1980s — in association with the signs and symptoms of Parkinson’s.

5 Ways to Survive and Thrive On Social Security Alone

Getting older can be a very expensive in the United States. Unless you begin saving for retirement at a young age, life can get progressively expensive as you get older.

Scientists Say This Food May Help Colon Cancer

It turns out that eating a handful of nuts daily could effectively keep colon cancer from recurring after surgery. In fact, research, from Dana-Farber Cancer Institute in Boston, suggests that

Have More in Retirement by Being Tax-Smart

Many people start planning for retirement by focusing on one primary objective: saving enough money to retire comfortably when they are ready. Taxes are something that no one enjoys paying;

Just Retired? Look at These 7 Key Financial Moves

Are you all set to bid adieu to your full-time job in 2019? If you are just retired, there are a number of things you need to do to make

3 Plant Remedies For Anxiety

An anxiety disorder can range from social anxiety to outright panic attacks. Doctors will generally prescribe medications that work on the central nervous system — like lorazepam. They may also

6 Ways to Live Within Your Means

Living within your means is undoubtedly the most important step you can take to structure your life, achieve your financial goals, and secure your future. While living it might not

7 Reasons to Stop Using Soap

The beneficial reasons for using soap may be diminishing in the sense that commercial soap is produced with so many chemicals that it could cause more harm than good. Due

Add Cinnamon To This Every Morning

For those who love to regularly kick start their morning cup of coffee with cinnamon, you're in for some good news. And for those who don’t, here’s something to consider.

5 Simple Ways to Earn Quick Cash

If there is one thing we could all use in today’s tumultuous economic environment, it is free money. While no one will pay you for doing absolutely nothing, there are

5 Items You Should Never Pay for at a Car Dealership

The typical American may more than a couple of cars within one lifetime. However, car salespeople sell cars every day and use that experience for their financial gain. When you