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Saving enough for retirement is not easy, and many Americans – both young and old — find themselves struggling to grow their nest egg.
In fact, GoBankingRates recently conducted a retirement survey of three age groups – millennials, Generation Xers, and seniors – and the results were shocking…
According to the survey…
- 56% of Americans ranging from millennials to seniors have less than $10,000 saved for retirement.
- One-third of Americans have no retirement savings at all.
- About 75% of Americans over 40 are behind on saving for retirement.
Why are so many Americans unprepared for retirement? They simply don't know enough about managing their money.
"People don't talk about money, and knowledge of personal finance is low," said Kevin Crain, head of workplace financial solutions for Bank of America Merrill Lynch, to CNBC on Feb. 15.
"For most Americans, logging into their typical 401(k) screen is a lot like reading a foreign language or math formula," said Greg Smith, president of blooom Inc., a website that analyzes the way 401(k) accounts are allocated, to MarketWatch.
Are you part of the majority of Americans who know too little about retirement? Take our short retirement quiz below to see just how much you know.
Can You Pass This 5 Question Retirement Quiz?
Falling Behind? Here's What to Do About It
There's still time to catch up.
Luckily, there's one profit-making loophole that could help current and future retirees – a unique class of investments some call "26(f) programs."
If you haven't heard of these programs, don't worry. Most Americans haven't.
However, a 26(f) program could protect – and even grow – your retirement funds, especially when the nation is inevitably hit by a "retirement blackout"…
Money Morning: 5 Steps to Maximize Your Retirement Funds in 2017