Not the best rally cry, and is surely nothing to be proud of, but America ranks 19th in the Natixis Global Retirement Index. Natixis Global Asset Management is a money management firm which measures a variety of data to rank nations based on how their citizens are preparing for retirement. Among the factors weighed are income, healthcare, life expectancy, and even happiness. So, what are some of their findings? Well, according to Natixis, more than half (53%) of Americans age 30 or older “are on a path that will leave them unprepared for retirement.” This is particularly troubling as you and I are the ones solely responsible for building retirement savings. Sure, we have Social Security, but that has always been intended to be a supplemental program. The average monthly Social Security benefit is $1,230 – could you live on that? I know I couldn’t, and I’m as frugal as they come.
We could all do a better job of saving money. At Cambridge, we encourage people to save at least 10% of their net income; however, that’s easier said than done when you’re dealing with student loans and credit card debt. If you would like advice on building a savings plan and dealing with credit card debt, please visit cambridgecredit.org to schedule a free consultation with a financial professional. To learn more about the Natixis Global Retirement Index, please visit We’re No. 19! Americans Better Start Saving More.
Until next time, I’m Thom Fox for Cambridge Credit Counseling.