Which Generation Has the Hardest Time With Retirement Savings?
Retirement savings is a challenge for everyone, but some Americans are struggling more than others.
The majority of Americans know they'll need to rely on their retirement savings as an income source when they hit their senior years.
In fact, according to Fidelity, 61% of people currently working and planning for retirement believe that their savings will be one of their biggest income streams. That's up from 50% of today's retirees who say that IRAs, 401(k)s, and other retirement plans are a primary income source.
Even though most people know they need retirement savings, not everyone is confident they'll have it. Fidelity's research also revealed that 62% of savers are uncertain whether their money will last as long as they need it to. This concern extends across all generations -- but Fidelity's research also found that one particular generation was facing the biggest challenges when building a nest egg.
