10% of American workers aren’t saving for retirement… Here’s how to start


A new survey found that 10% of Americans have saved no money for their retirement over the past two years. That’s the highest percentage since Bankrate started asking people the question in 2011.

Read more: Over 40 with no retirement savings? Take these 6 steps

According to the survey, conducted by Bankrate, here are a few more developments about American workers and retirement savings:

  • Just 19% of working Americans are saving more in their retirement accounts now, compared with a year ago. 
  • 14% are saving less, which is actually an improvement from 2011, when 29% of people said they were saving less than the previous year.
  • 55% are saving the same amount as they did last year toward their future.

‘With millions of Americans behind in their retirement savings, it is important not only to save but to save more each year,’ says Greg McBride, Bankrate’s chief financial analyst. ‘Even for those saving the maximum, 401(k) contribution limits increased for 2015, affording the opportunity to put more away for retirement.’

Bankrate found that while people’s feelings about job security have improved, they don’t have the same positive outlook on savings, debt, net worth and overall financial situation. And when it comes to demographics, Bankrate found that millennials are the least likely to be contributing to a retirement fund.

Read more: 13 smart money moves to make in your 20s

How you can turn things around

The good news is with a little discipline, you can turn things around and get your savings back on track.

Read more: How much you need to save to be a millionaire by age 65

If you’re saving nothing right now, it’s OK to start small. Clark’s preferred method is for you to start by saving one penny out of every dollar you make. That’s 1% of your income. Then every six months, step it up by 1%. In 5 years, you’ll be saving 10% for retirement and making a huge impact on your future. 


If your employer offers an employer match to your 401(k), try to contribute enough to meet that match. It’s free money.

Here are some more resources for you to jump start your savings and stay on track:

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