WASHINGTON — Financial analysts say it’s important not only to save for retirement, but to save more every year. Unfortunately, a new survey says that most Americans aren’t doing that — or saving anything at all.
A Bankrate.com survey shows that fewer than one in five Americans — 19 percent — is saving more for retirement now, compared with a year ago, while 14 percent are saving less. Fifty-five percent are saving the same amount. And 10 percent haven’t put away anything for retirement this year or last year — the largest number since Bankrate started doing the surveys in 2011.
And while that 14 percent number seems high, Bankrate says that it’s actually down from 29 percent in 2011.
“With millions of Americans behind in their retirement savings, it is important not only to save, but to save more each year,” Greg McBride, Bankrate.com’s chief financial analyst, said in a statement.
He adds that even if you think you’re putting the maximum contribution into your 401(k), the limit increased this year, so you may be able to save more.
The survey also found that Bankrate’s Financial Security Index — a composite of numbers regarding job security, savings, debt, net worth and overall financial situation — dipped for the third consecutive month.