Americans Aren’t Saving Enough for Retirement

Newsflash! New research suggests that Americans still aren’t saving enough for retirement. This may not come as a surprise to you, but the level of retirement savings is at an incredible low. The CGS Team is sharing the details of new research regarding Americans and retirement savings in hopes of waking you up! Don’t be on the wrong side of the numbers! Saving for retirement is an absolute must, even if your employer doesn’t offer a 401k plan.

Who’s contributing?

According to the U.S. Census Bureau, two-thirds of all Americas don’t contribute to a retirement plan through their employer. Millions of Americans aren’t saving money for retirement through their employer because of a lack of knowledge, or a lack of available funds.

While some companies auto-enroll their employers into 401k plans, they might not make this clear to the employer. If 401k documentation is included in the onboarding documentation, it’s very likely that the employer doesn’t read it, doesn’t understand it, or forgets about it.  While it’s not completely the employer’s responsibility to educate employees on retirement options, it can help.  If you aren’t sure about your retirement plan, read 8 Things to Know About Your 401k Plan for help on asking the right questions.

Who’s offering?

Only 14% of employers offer retirement plans. U.S. Census Bureau research shows that while only 14% of all employers offer retirement plans, a majority of large companies do. See the chart below:


Research continues to show that 79% of Americans work at the large companies that offer 401k plans, however only 41% of those workers are actually making contributions.

While a small number of employers offer a retirement plan, it does not mean that a person can’t save for retirement. IRAs and other long-term investment accounts are available to everyone. Don’t let your employer’s lack of a retirement plan be an excuse for you not saving.

This research is jaw-dropping. We challenge you to start saving for retirement now! Open your own IRA and contribute $50 a month. If you need help getting your budget aligned for it, don’t hesitate to reach out! Schedule a free consultation and start saving for the future!


Are you saving for retirement? What is stopping you? What do you think of the research shown above? Leave a comment below to share your thoughts, fears and concerns with retirement saving.

-The CGS Team



1 thought on “Americans Aren’t Saving Enough for Retirement”

  1. These numbers are down-right staggering. People don’t realize the importance of saving for retirement until it’s too late. People also don’t realize that the earlier you start saving for retirement the more you will have (much, much more). Any client I work with, I make sure they are contributing to a 401k or IRA!

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