How Priorities Influence Middle Class America’s Retirement Outlook

Planning for their financial future ranks second to last in terms of priorities of middle-class Americans, behind enjoying life, being healthy and fit, and focusing on family. That’s according to the results of the Retirement Through the Ages: The American Middle Class research report conducted by the Transamerica Center for Retirement Studies, as posted on PR Newswire.

When you look at how well-prepared people are for retirement, it’s clear that planning for their financial future should be a higher priority. Sixtysomethings who are not yet retired have only $277,000 (median) saved in retirement accounts, while fiftysomethings have only $112,000 (median) saved.  

The younger population seems to be doing better, with three out of four twentysomethings already saving for retirement. They have saved $43,000 on average in retirement accounts.

 The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.