Retirement Savings Struggles Pushing Adults Back into the Workforce
A Bankrate survey found that 56% of American adults in the workforce feel behind on their retirement savings, with 37% feeling significantly behind. Experts suggest using online tools and benchmarks to determine if you're behind and how much you need to save. Comparing oneself to benchmarks can be stressful, but having specific information is better than none. Generation Xers and baby boomers reported feeling the most behind, likely due to nearing retirement and realizing they haven't saved enough. To catch up, experts recommend increasing contribution rates and taking advantage of employer matches. Starting early and allowing gains to compound over time is crucial for younger workers.