It’s no secret that Americans have a lot of debt. According to NerdWallet, 28% of the U.S. population has retirement savings under $10,000 and 10% have nothing saved at all. How will US consumers pay for their retirements?

The “American retirement savings statistics” is a post about how many Americans plan to pay for their retirement. According to the article, 50% of Americans do not have a clear idea on how much they will need for retirement. This is because there are so many different factors that come into play when it comes to planning your future.

Here's how many Americans plan to pay for retirement

As of the end of 2020, more than two-thirds of workers in the United States projected their primary source of retirement income to come from 401(k), 403(b), or individual retirement accounts (IRAs). A high percentage (almost two-thirds) anticipated social security to be their primary source of income. Meanwhile, 37% of respondents anticipated to continue working after retirement to supplement their income.

According to a poll done by the Transamerica Center for Retirement Studies in 2020, these are the most popular methods Americans intend to pay for retirement (the most recent data available).

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1. 401(k)/403(b)/IRA Accounts

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71% of those polled said yes.

Image credit: istockphoto/designer491.

2. Social Security benefits

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66 percent of people responded.

Zinkevych / istockphoto contributed to this image.

3. Other investments and savings

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48 percent of people responded.

courtesy of nortonrsx

4. Working

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37 percent of people responded.

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5. Employer-sponsored pension scheme

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26 percent of people responded.

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6. Your home’s equity

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18% of respondents said yes.

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7. Succession

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14 percent of people responded.

Image credit: iStock/designer491.

8. Other

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2 percent of those who responded

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Methodology

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From November 17 through December 29, 2020, Statista utilized data from the Transamerica Center for Retirement Studies, which was performed by Harris Poll. The answers are from 3,109 adult Americans who work full-time or part-time in a for-profit firm with one or more employees, and the surveys were done online. The source posed the following question: “Which of the following do you anticipate to be sources of income to pay your living expenditures once you retire?” “Choose all.” There were many conceivable responses. More information is available here.

This post was syndicated by MediaFeed.org and first published on Statista.com.

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AlertMe

The “how do people save enough to retire” is a question that has been asked for decades. The answer is not easy, but it’s important to plan and save as much as you can.

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  • how many americans have less than $5000 put away for retirement?
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