Measuring Up Your Retirement Savings

Last updated: February 22, 2019

Make Plans Now to Successfully Save for Your Retirement

For many of us, retirement has always seemed to be an event in the far, distant future. Then one day, some of us awakened to the reality that retirement is only a couple of years or maybe mere months away.

If you have been preparing and diligently saving for retirement, the fact that it is nearly upon you will probably not phase you. You may even be giddy that the big day is about to arrive. If, however, you feel financially unprepared (and your retirement account justifies that feeling), the realization of your near-empty nest egg next to a clearly visible finish line, could inspire feelings of panic or depression.

Many financial experts agree that Americans should have socked away between 6 to 9 times their present, working salary before entering full retirement. But data released by the National Institute on Retirement Security shows that almost 40 million households have no retirement savings at all.

A recent survey by provides a closer look at which American households are fully unprepared for retirement with $0 saved for retirement:


              % with NO retirement savings

Baby Boomers     (age 55-72)


Generation X       (ages 35-54)


Millenials             (ages 18-34)


               Sources: U.S. Census Bureau,

In sum, close to one third of each generation has no retirement savings. While Generation X and Millennials still have time to create and implement a savings plan for retirement, Baby Boomers are looking at a significantly more daunting challenge. Baby Boomers with little or no retirement savings may want to consider the following savings strategies: 

·         Delay Social Security if you can since monthly benefits increase the longer you wait to take it. Speak with someone at your local Social Security office first.

·         If your health permits, consider a part-time job to help pay current expenses so you can delay Social Security.

·         If your current employer offers a 401k and you are not yet signed up, sign up and try to make the maximum savings contributions to the plan.

·         Review possible reduction of daily living expenses by examining options: downsize your current living situation or take in a roommate to share expenses before retiring.

The good news for Baby Boomers (and all Americans for that matter) is that we are presently experiencing a rising economy and stock market. The current upswing could boost retirement savings. Connected to this is a sunny job market, which is currently providing work for those who are in or nearing retirement age. 

It is important for all generations to invest wisely, and with reputable investment professionals. The Kansas Securities Commissioner’s Office is your source for verifying investment professionals’ licensing and history, and investment options. The call is free and confidential. Contact us at 1.800.232.9580 or visit us at

Photo by Alex Harvey on Unsplash

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