New Study Shows One-Third of Americans Have Zero Retirement Savings, Why?

When Americans imagine retirement, they think of the lifestyle shown on television filled with travel, golf, family and new adventures. Unfortunately, many Americans are unprepared financially to support that dream.

Thirty-six percent of people in the U.S. have no retirement savings, according to a recent study conducted by This includes 26 percent of adults between the ages of 50 and 64 – one of the most crucial age groups for retirement planning and saving. This generation acknowledges the importance of saving, with 32 percent of people feeling less comfortable with their overall savings than they were a year ago. So if they know they should be saving, why aren’t they?

Here are three reasons why many Americans don’t have enough saved:

  1. They do not know how much they need. As life expectancy continues to rise, more money is needed for retirement to cover basic costs. In addition, more money will be needed for health care as the population ages. Make sure you know how much you will need by using one of our retirement calculators.
  2. They are sandwiched: Many eager-to-retire Baby Boomers are part of the sandwich generation, which means they help support both their grown children and their parents.
  3. They were hit hard by the Great Recession: Many 50-64 year olds were dedicated savers, but the stock market crash and housing bubble impacted their lifetime savings. Many lost much of their savings in the stock market, which emphasizes the importance of having a diversified portfolio.

With the volatility of the stock market and less guaranteed employer income, the importance of having a diversified financial plan is more acute than ever. Fixed indexed annuities can play an important role in solidifying your retirement plan by offering peace of mind through guaranteed income. In addition to mitigating risk in down markets, fixed indexed annuities offer the opportunity to earn additional interest when the markets are doing well. Check out our video on the basics of fixed indexed annuities for more information on how this product can fit into your plan.

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