In an article written by Elyssa Kirkham /Gobankrates and published in the online magazine Money, she states that 56% of all Americans has $0 saved for retirements
Unfortunately for many of us saving for retirement is not an area where our attention is focused, because of the necessity of meeting our daily financial demands, which is a struggle, the thoughts never seem to go towards retirement savings.
There are many financial obstacles that the majority of us faces some of these are: credit card debt, student loan debt, low wages, the need to save for a child’s college education, and the list never ends, all of these things can put a strain on our budgets, they don’t necessarily make it impossible to save for retirement.” (start your own business for free)
Most of us are falling short of the amount of savings required for a comfortable retirement and that is if we are saving at all.
In today’s world, the financial situation, or should I say the lack of finances, is causing a large percentage of the population a lot of financial stress; people are preoccupied with how to cope with the economic situation in order make ends meet.
According to market watch and published by MSN money a study done by the NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
They found that certain communities were more prone to economic hardship and missing a paycheck would be devastating to them, as they would be unable to cover basic living expenses after missing more than one paycheck, this situation is mostly found in households where the annual income was $30.000 annually or less.