This browser does not support the Video element.
Many Americans don't plan to retire
The cost of living continues to rise making it that much harder to save for retirement, FOX 5 NY's Teresa Priolo reports.
NEW YORK - It is the great struggle of becoming an adult – figuring out how to properly prepare for retirement, while also trying to keep up with your monthly bills.
Nowadays, it seems impossible.
"Take a look at how much it's cost to rent an apartment right now in New York City," said Dave Lewis, CEO of Operations Inc. "We don't exactly leave that generation with a lot of discretionary income to take out of the paycheck that they get and put away into something like a 401K."
FILE: Money in a tip jar. (Robert Alexander/Getty Images / Getty Images)
Retirement statistics
A new study by Prudential shows that 70% of Americans plan to retire, but 42% of them do not think they will have enough savings to do so.
- 59% of respondents said they do not have a 401K.
- 21% of respondents said they do not know how much money is in their 401K
- 65% of respondents said they do not have or know what an IRA is
- 72% of respondents said they knew little or nothing at all, about annuities
The survey represented adults of every generation.
"It is a tough go for people who are on the cusp of retirement, especially for baby boomers and those who are in their pre-retirement years because they don't have a big window like, say, Gen-Xers… or millennials and certainly not Gen-Z who have more time," offered Lynette Khalfani-Cox.
Perhaps the biggest piece of advice: Save as early and as often as you can, and it is never too late to start.