As a group, Americans have shockingly little saved for retirement.
Northwestern Mutual's 2018 Planning & Progress Study, which surveyed 2,003 adults, found that 21 percent of Americans have nothing saved at all for their golden years, and a third of Americans have less than $5,000. To put that into perspective, it means that 31 percent of U.S. adults could last only a few months on their savings if they had to retire tomorrow.
That's probably why an increasing number of Americans say they'll rely on Social Security payouts, according to Gallup, but many also fear it won't be a reliable source of retirement income. Only 24 percent of Northwestern Mutual respondents say it's 'extremely likely' that Social Security will be available when they retire. Unfortunately, it's true that, if Congress doesn't act to shore it up, Social Security could be insolvent by 2034.
The average amount Americans have socked away for the future is slightly higher, but it's still just $84,821 — far less than the $1 million typically recommended by experts to supplement Social Security, pensions and any other sources of funding you may have.