"My administration will give these oft-forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year."
"About 57% of Americans say they're behind on their retirement savings, as noted by Bankrate's Retirement Savings Survey. About 35% say they're significantly behind. Only 15 percent of workers feel ahead of where they should be, including 9 percent who feel slightly ahead and 6 percent who feel significantly ahead."
"According to Fidelity, by the age of 30, have at least a year's worth of salary saved. So, if you earn $80,000 by the age of 30, you should have at least $80,000 saved. By 40, have three times your salary saved. By 50, six times, by 60, eight times. By the age of 67, if you're thinking of finally retiring, have at least 10 times your salary saved."
President Trump announced a new government-backed 401(k) program designed to help approximately 56 million American workers who lack employer-sponsored retirement plans. The administration would match contributions up to $1,000 per year, providing access similar to federal employee benefits. However, retirement security remains a widespread concern, with 57% of Americans reporting they are behind on savings and 35% significantly behind. Only 15% feel ahead of schedule. Financial experts recommend saving 10% of salary in retirement accounts, with specific milestones: one year's salary by age 30, three times salary by 40, six times by 50, eight times by 60, and ten times by retirement age 67. Starting early is crucial, as even modest investments in one's 20s compound substantially by retirement.
Read at 24/7 Wall St.
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