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41% of Americans say it's 'going to take a miracle' to be ready for retirement, report finds

41% of Americans say it's 'going to take a miracle' to be ready for retirement, report finds

9/17/2021 1:54:00 AM

41% of Americans say it's 'going to take a miracle' to be ready for retirement, report finds

Covid hurt Americans' retirement security. A new ranking looks at which countries fared better, based on finances, health and quality of life.

, especially younger workers.About 13% of Generation Y decreased their retirement plan contributions and 11% withdrew money from their retirement accounts to make ends meet, the Natixis report found.Among Generation X, 15% reduced their retirement plan contributions and 9% took a withdrawal.

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Low interest rates and higher inflationpose additional problems for long-term financial security, according to Natixis, which polled 750 individual investors."People are really aware of the critical risks they are facing, and they've all been exacerbated by the pandemic," said Dave Goodsell,

executive director at Natixis' Center for Investor Insight.The U.S. is losing groundNatixis' annual ranking compares countries based on the finances, material well-being, health and quality of life they offer in retirement.This year, the U.S. fell one spot to number 17 out of 44 countries. headtopics.com

Compared to 2020, the U.S. scored lower in three of the four categories, including health, quality of life and finances, mostly due to a shortened life expectancy, lower ratings on overall happiness and the environment as well as higher levels of government debt.

These countries top the U.S.Iceland had the highest ranking overall for the third year in a row. Switzerland, Norway, Ireland, Netherlands, New Zealand and Australia all slipped slightly in retirement readiness but still maintained top spots, while Germany, Denmark and Canada rounded out the top 10.

With more retirees around the world responsible for their own financial security, the countries that ranked the best struck a balance with low levels of income inequality, available health care and strong social programs, according to Goodsell.Natixis' index includes advanced economies in the International Monetary Fund, members of the Organization for Economic Cooperation and Development and the BRIC countries (Brazil, Russia, India and China).

Read more: CNBC »

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Save money, invest. Don’t pay for paid tv, eating out, no new car, no Apple phone; it can be done. 401k will compound. Save 15% min. Financial literacy is the golden goose. It’s their own fault. They just refuse to delay gratification. wow Well no shit especially when people are expecting social security to run in the next decade.

Miracles do happen.. Have faith...

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