Celebrate 401(k) Day 2018

Celebrate 401(k) Day ALL Week! September 4-7, 2018

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42% of Americans will re

The 2018 GOBankingRates Retirement Savings survey found that 42% of Americans have less than $10,000 saved. If they don’t boost their savings, they’ll likely retire broke because that’s not enough to cover a year’s worth of expenses. On average, adults 65 and older spend almost $46,000 a year, according to the Bureau of Labor Statistics. Included in that 42% with less than $10,000 saved is the 14% of respondents with absolutely nothing saved for retirement. This group could be at the most risk of retiring broke if they don’t start taking steps to catch up on retirement savings.

28.6%

16.5%

13.7%

12.6% 12.0%

9.9%

6.7%

$0

< $10k

$10k-$49k $50k-$99k

$100k- $199k

$200k- $299k

$300k+

ire broke

1:16

Click here for more survey results

The Good News: Retirement Saving Habits Seem to Be Improving Although the 2018 Retirement Savings survey found that 42% of Americans might retire broke, that percentage has shrunk from years past. The 2017 survey found that 55% of adults had less than $10,000 in savings. And the 2016 survey found that 56% of Americans had less than $10,000 saved.

Click here to see how you can build a secure retirement.

About 40% of Ameri make enough to save

Why Aren’t Americans Saving Money for Retirement? To find out why Americans aren’t saving, GOBankingRates conducted a survey through Survata. More than 1,000 adults with $0 saved were asked: “What is the main reason you do not have any retirement savings?” The most common reason respondents gave for not saving for retirement was “I don’t make enough money.” About 40% chose this response. The second-most common reason for not saving was “I’m struggling to pay bills,” with about 25% of respondents choosing this answer. Meanwhile, men are still more likely than women to have larger retirement account balances. The survey found that 45% of women have no savings or $10,000 or less, compared with 40% of men. However, that’s an improvement from 2017, when 58% of women had no savings or less than $10,000 saved. In 2016, 63% of women had less than $10,000 saved or nothing at all.

Click here to see the impact of saving early for retirement!

1 Source: 2018 GOBankingRates Retirement Savings survey

ans say they don’t for retirement

I don’t make enough money

9.9%

I won’t need retirement savings

I’m prioritizing paying down debt

24.9%

40.1%

My job doesn’t offer a retirement plan

I’m struggling to pay bills

9.2%

I used my retirement savings for an emergency

10.3%

5.7%

Ways You Can Increase Your Retirement Savings

1. Create a Budget Using a budget to track your cash flow can help you pinpoint unnecessary expenses you can reduce or eliminate to free up more cash to save. 2. Make Saving a Priority Pay yourself first by making contributions automatically deducted from your paycheck. to your retirement plan. If you’re not already participating, sign up!

3. Click here for more ways you can increase your retirement savings.

See how small changes can make a big difference!

Only 17% of employees about having enough mo

2 in 3 workers confident in having enough for a

Worker confidence creeping up? The share of workers who feel very confident in their ability to live comfortably in retirement remains low at just 17%, but another 47% are somewhat confident. Combining those that are very and somewhat confident, workers appear to be more confident in retirement than they were in 2017.

comfortable retirement only 17% very confident

Retiree confidence on shaky ground? Retirees remain more confident than workers, with a third (32%) very confident and another 44% somewhat confident that they will have enough money to live comfortably throughout retirement. Of note, however, are some of the decreases in confidence in specific aspects of retirement among retirees.

Retirees are less likely than in 2017 to feel confident in their ability to handle basic expenses in retirement and less confident in their ability to handle medical expenses.

Learn more on how to reach retirement goals with confidence.

Source: 2018 Retirement Confidence Survey.

re very confident ey for retirement

1:27

Track your progress with American Trust’s ATFutureBuilder Interactive Online Experience–an effective new way to educate you about the importance of enrolling in and staying engaged with your retirement plan. It guides your through a personalized, interactive experience that provides information about your retirement plan in an easy-to-understand format.

ATFutureBuilder, combined with ATBlueprint® helps you to be better prepared and feel more confident in reaching your retirement goals.

Only 6.8% of income co

Vanguard’s “How America Saves” report shows that only 6.8% of income that eligible workers contributed to their 401(k)s in 2017, which is up from 6.2% the previous year. Even though this statistic is finally moving in the right direction, it is still too low. Ideally, Americans should save a least 10% to 15% of their income for retirement, but standard advice is, “save as much as you can.” Not sure how to begin planning? When it comes to retirement planning, it can be difficult to know where to begin. With step-by-step guidance from ATFutureBuilder’s virtual hosts, planning for retirement can be quick and easy.

Log in to your retirement plan website and we’ll help you get started today!

Source: How America Saves 2018: A report on Vanguard 2017 defined contribution plan data

tributed to 401(k)s in 2017

0:29

Click here to get started!