How are Americans saving for retirement?

Saving for retirement

The short answer is: They aren't. (Or at least not as well as they'd like to be.)

The economy may be improving, but try telling that to the 40 percent of U.S. workers who don’t feel they’ll be ready to retire until they’re 70 or older.

According to a new CareerBuilder survey, of workers aged 60 and older, the majority of men (57 percent) and nearly half of women (48 percent) are putting off retirement.

Why the delay?

While some workers may simply not want to retire, others don’t feel financially ready. In fact, nearly a quarter of workers (24 percent) say they’re not sure how much they even need to save for retirement.

When asked how much money they think they'll need to save in order to retire, workers said:

  • Less than $500,000: 20 percent
  • $500,000 to less than $1 million: 31 percent
  • $1 million to less than $2 million: 14 percent
  • $2 million to less than $3 million: 5 percent
  • $3 million or more: 7 percent

Retirement plan? What retirement plan?

It’s hard to plan for retirement when you’re not putting any money away for it, which is the case for nearly a quarter of workers nearing retirement age. Twenty-three percent of workers 55 and older say they don’t participate in a retirement plan, such as a 401(k) or IRA. Among adults ages 18 to 34, that number is even higher, at 40 percent.

Tips for saving for retirement

If you haven’t started saving for retirement yet, there’s no time like the present, as they say. Here are a few tips from around the web to get you started.

Get tips for dealing with potential age discrimination in an interview.