One-Third of Americans Stopped Retirement Savings at Least Once

One-third of Americans say they have ceased saving for retirement at least once, the Indexed Annuity Leadership Council found in an online survey of 1,000 adults. Fifty-six percent say their primary retirement savings goal is to have enough money so that they will not outlive their savings.

Fifty percent say what they will miss the most when they retire is having a steady paycheck, but nearly 50% of Boomers do not know that there are products, such as a fixed indexed annuity, that can provide this security. More than 25% of Americans of all ages say that what they will miss the most when they retire is health insurance, which the Council estimates will cost a retiree $250,000.

The survey also found that 94% of Americans think they should get a passing grade in financial literacy. “It is worrisome that so many Americans are confident in their financial literacy but fail to execute the basics of retirement saving,” says Jim Poolman, executive director of the Indexed Annuity Leadership Council. “Struggling to save for retirement or sifting through different financial products can feel like a big hurdle, especially for those close to retirement. To ensure you have enough money to last through your golden years, the first step is to make a plan and then consistently save.”