(WXYZ) — How much money have you saved for retirement? A recent study from the financial resource website Go Banking Rates revealed that 28% of Americans have saved nothing for retirement.
Earlier this week, we looked into the record number of Americans taking money out of their retirement savings. You can watch that report below.
I spoke to metro Detroiters who shared their experiences when it comes to saving up for their golden years. One of those, Aaron Williams, who does DoorDash, said it was hard to save.
“If you try to pay yourself everyday, it can happen but it’s get’s harder to get consistent to paying yourself the same amount," Williams said.
He says saving for retirement has been hard for him lately.
“I have car repairs that have had me dipping into my savings. Cost of rent has went up, groceries," he said.
The study I mentioned earlier found another 30% of people don't think they'll ever be able to retire.
“We don’t have tons saved in ours," Rachael Kopsch, a Madison Heights resident, said. "We just started saving now and no that doesn’t surprise me at all.”
“For a family, it’s like the minute we get our paycheck, let’s go grocery shopping, let’s pay all the bills," Briana Serrato and Kiwan Rankin, a couple who is able to save, said. "Then by the time, it’s like you have $10 in your pocket, for more or less play with or do you save it?"
However, not everyone is having issues with putting money away for the future.
“I’ll start my 401K, put some up on the side, retirement money, make sure that’s all taken care of," Shawn Nixon of Detroit told us.
“When are you hoping to be able to retire?” I asked.
“I want to say by the age of 40, between 40-45," he said.
I also talked to metro Detroiters who are already retired. They shared their advice for those looking to save for the golden years.
“I would say cut down on any discretionary income because it’s very important to start saving in a place where your money can grow," Nancy McKendrick said. "Fortunately, I have a pension and social security and I also have another savings IRA type of account."
“You know you plan, and you plan may be for 25 or 30 years, and I’ve been retired over 30," Beejay added. “Sacrifice when you’re younger, even if it’s $20 a pay, it does add up.”
The same study from Go Banking Rates shows that the younger generation are getting an early start on saving for retirement.
16-18% of 24-year-olds are saving a portion of their income for the future.
