Retirement Readiness in America
According to Vanguard's study, only 42% of Americans can maintain their lifestyle after retirement.
The study highlights both progress and persistent gaps in the nation's retirement readiness, finding that just 42% of U.S. workers are on pace to sustain their lifestyle in retirement.
Defined contribution plans play a critical role in building a stronger retirement system
The report states that workers with such plans are nearly twice as likely to reach their retirement goals as those without them.
If every worker had access to a defined contribution plan, the investment management group estimated that six in 10 Americans would achieve retirement security.
Key factors affecting retirement readiness are crucial in determining the financial preparedness of Americans for their post-retirement life.
Author's summary: Less than half of Americans are ready for retirement.