All of us travel different paths, but the vast majority of Americans share a common goal: to be able to retire comfortably at a time of our choosing. Unfortunately, this is a dream that's proving to be out of reach for a growing number of Americans.
Millennials are struggling to save for retirement According to a survey conducted by GoBankingRates in March that questioned approximately 4,500 people, a whopping 56% have less than $10,000 saved toward their retirement, including 33% that noted they hadn't put a dime toward their retirement. Less than 1 in 5 surveyed had $200,000 or more saved for retirement.
GoBankingRates' survey was also broken down by generation. As you might have surmised, baby boomers and seniors aged 55 and up had the most saved, with 4 in 10 sporting $100,000 or more in retirement savings. A little more than one quarter of Generation X (ages 35-54) respondents reported having $100,000+ saved for retirement, while roughly 30% haven't saved a red cent.