Saving for retirement is getting tougher

Just over half of Americans are investing in a retirement plan, but the tumultuous financial markets are making it a more arduous task, according to a new survey.
NOV 09, 2008
By  Bloomberg
Just over half of Americans are investing in a retirement plan, but the tumultuous financial markets are making it a more arduous task, according to a new survey. Slightly more than one-third of Americans (34%) said that they had less than $50,000 in investible assets, only 21% said that they had more than that amount, and 17% had nothing saved at all, according to the survey, by TD Ameritrade Holding Corp. of Omaha, Neb. In another finding, 22% of respondents between 35 and 44 indicated that they had stopped or reduced their retirement plan contributions altogether, more than any other age group. Half of those who reduced or stopped contributing to their retirement plan said they did so because of the recent downturn. Americans also cited unemployment (32%) and rising health care costs (25%) as key factors that affected their ability to contribute to their retirement plans. People are concerned that health care costs will have an effect on their retirement lifestyle, said Diane Young, director of retirement and goal planning at TD Ameritrade. "The rising costs are clearly catching everyone's attention, with companies' cutting back," she said. It is not just retirement planning that has taken a hit. Eighty-seven of Americans said that they had cut their spending in the past year, according to the survey. The telephone survey, of 1,005 American adults, was conducted in mid-September by Opinion Research Corp. of Princeton, N.J.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.