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You idiots need to start saving more (and start earlier!)
Use IRAs or 401s or 403s to regularly invest in no-load mutual funds.
from
https://www.thestreet.com/retirement/blackrock-reveals-shocking-new-retirement-trend-among-americans
BlackRock sounds alarm on shocking Social Security, retirement trend
Workers are facing a worrisome financial future during retirement.
Caitlin CahalanFeb 25, 2025 10:33 AM EST
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Planning for retirement should be a priority for workers of all ages.
Though most Americans have a retirement plan, many feel behind on their
savings due to competing financial obligations and inflated prices.
When employer-sponsored 401(k)s began replacing pension plans, the
burden of retirement planning shifted from employer to employee.
However, as the cost of living rises, making consistent retirement plan contributions has become increasingly difficult.
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Opting to reduce or pause 401(k) or IRA contributions may help
households get by in the moment, but it may also hurt long-term savings
and derail retirement plans. Over time, not maximizing retirement
contributions can leave hundreds of thousands of dollars on the table.
BlackRock recently released staggering statistics about how Americans
plan for retirement, and the results indicate that some workers may not
be financially prepared for the future.
Retired couple discussing finances- LEAD
A retired couple is seen discussing finances in their kitchen. The
rising cost of living and relatively low 2025 Social Security COLA
increase has made it difficult for retirees to make ends meet.
Shutterstock
BlackRock CEO Larry Fink has a controversial take on retiring at 65
The estimated amount needed to retire has increased substantially over
the past decade. BlackRock analysts found that Americans now estimate
they will need over $2 million saved for retirement.
However, the average American only has $87,000 saved in their retirement accounts.
An astonishing 33% have no retirement savings at all, and 69% have less
than $150,000 saved.
Younger workers, Black workers, Hispanic workers, and working mothers
are most at risk of having insufficient retirement savings.
More on retirement strategies:
Tony Robbins warns Americans on Social Security mistake to avoid
Dave Ramsey has blunt words on Medicare for retired Americans
Suze Orman offers candid advice on Social Security for retirees
BlackRock CEO Larry Fink has suggested that the standard retirement age
is outdated and should be reconsidered in light of longer lifespans,
retirement saving challenges, and the current strain on Social Security.
“No one should have to work longer than they want to," Fink wrote. "But
I do think it's a bit crazy that our anchor idea for the right
retirement age – 65 years old – originates from the time of the Ottoman Empire."
Though extending working years is one way to reduce the risk of
outliving retirement savings, most Americans believe more government intervention is necessary.
Americans want more retirement support from the federal government
Less than one in five workers are “very confident” they will have enough saved to keep them afloat throughout their entire retirement.
This uncertainty, coupled with the looming uncertainty of Social
Security, has prompted bi-partisan voter support of government
intervention to help retirees.
A retired couple is seen holding hands and walking on a beach. -lead
Average Americans are struggling with a major retirement challenge
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