When it comes to saving for retirement, there’s a huge gap between what Americans say they want and what they’re doing to make it happen.
A new survey from BlackRock on attitudes about money and financial goals found Americans are holding nearly twice as much cash as they think they ought to in order to reach their retirement goals. Fewer than a quarter of them regularly set aside money into long-term savings or investment plans—yet 74% said they feel financially secure and “prepared to pursue their dreams.”
Baby boomers, who are retiring in droves, face a staggering shortfall. People ages 55 to 64 who responded to the online survey said they expected to have about $45,000 in annual income in retirement. But the amount they had saved would only provide an estimated $9,129—a potential $36,371 gap.