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Two-thirds of Americans fail to contribute anything to a 401(k) or other retirement account available through their employer, according to the Census Bureau.<\/p>\n
\nRead more<\/strong>: Is There a House in Your Retirement Plan?<\/span><\/p>\n<\/blockquote>\n
The latest data is alarming financial experts, who say Americans are not saving enough for retirement. Only about a third of workers are saving in a 401(k) or similar tax-deferred retirement plan, according to researchers Michael Gideon and Joshua Mitchell, who analyzed W-2 tax records from 2012 to identify 6.2 million unique employers and 155 million individual workers.<\/p>\n
A separate study last year showed that 48 percent of workers age 55 or older and nearing retirement have saved less than $100,000. A third of workers have saved less than $25,000, according to the Employee Benefit Research Institute.<\/p>\n
There may be a reason why so few are saving. Some companies aren\u2019t offering a retirement savings plan; larger companies are more likely to, the study shows. Also, if you\u2019re an independent contractor, which is common in the real estate<\/a> industry, saving for retirement often falls onto your shoulders.<\/p>\n
The analysis found that four out of five workers are employed by companies that offer<\/a> a 401(k) or similar plan. However, most workers aren\u2019t using them, either because they\u2019re not eligible or they\u2019re failing to sign up. Some companies require employees to work for a certain amount of time before they can sign up for a 401(k), and employers aren\u2019t required to allow part-time workers into a plan until they\u2019ve worked 1,000 hours during the previous year.<\/p>\n
Here are some resources, geared to real estate<\/a> professionals, to help you start saving:<\/p>\n
The Retirement Planning Tool Kit<\/p>\n
Worksheet: Get Ready for Retirement<\/p>\n
Planning for Retirement<\/p>\n
Tips for Choosing an IRA<\/p>\n
Source: \u201cTwo-Thirds of Americans Aren\u2019t Putting Money in Their 401(k),\u201d Bloomberg (Feb. 21, 2017)<\/em><\/p>\n<\/div>\n
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