OHIO — For many people, saving for retirement has become more complicated because of the impact of the pandemic and ongoing financial volatility.
In an interview with Spectrum News, Rita Assaf, Vice President of Retirement Products at Fidelity Investments, offered advice on how each generation can come up with a plan for financial security.
Assaf discussed the findings of a year-long research project that analyzed the overall retirement readiness of American households based on data such as workplace and individual savings accounts, Social Security benefits, pension benefits, inheritances, home equity and business ownership.
“Our latest retirement savings assessment shows that America’s retirement score moved into the yellow to a score of 78: This is a drop from 2020, which was an all-time high, and it means that Americans are now projected to have only 78% of the income needed to cover their expenses in retirement,” said Assaf.
“We recommend saving 15% of your pre-tax income each year, which includes your company match if you have access to a 401k,” Assaf said.
