The time has come for Americans to face the reality of retirement planning. Considering that defined benefit plans are moving closer to full extinction each year, it’s now more important than ever for individuals to save for retirement. This is not an easy process for the majority of the workforce. However, you can improve your odds of an ideal retirement by educating yourself and planning for it as soon as possible.
Many workers are simply not saving enough for retirement. According to a recent survey by the Employee Benefit Research Institute, 36 percent of employees said they have less than $1,000 in savings and investments, up from 28 percent in 2013. Furthermore, 60 percent of respondents said the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000.
With stagnant wages, rising living expenses, and an overall weak labor market, there are many obstacles facing employees trying to save for retirement, but no one cares about your financial future as much as you do. Let’s take a look at five charts from a recent JPMorgan Chase presentation that are crucial to the retirement planning process.