10% of married Americans have saved $100,000, while only 3% of single Americans have reached that milestone

A recent survey by GOBankingRates revealed that only 14% of American adults have managed to save $100,000 or more for retirement, raising significant concerns about financial preparedness. Even more worrisome, 78% of respondents reported having saved $50,000 or less, with nearly 37% admitting they have not started saving for retirement at all.

The survey provided a breakdown of retirement savings by age:

• Age 18-24: 2.1%
• Age 25-34: 4%
• Age 35-44: 11.5%
• Age 45-54: 11.4%
• Age 55-64: 26.4%
• Age 65 and over: 36%

While older individuals generally have higher savings, it’s alarming that 64% of Americans aged 65 and older have saved $100,000 or less for retirement. This indicates that many retirees will likely depend heavily on Social Security as their primary source of income. In fact, nearly a quarter of new retirees are expected to rely solely on Social Security, which poses a problem given potential benefit cuts of up to 22% by 2034, as projected by the Social Security Administration. This scenario could leave many with a substantial financial shortfall if they aren't saving enough now.

A separate survey conducted by YouGov also highlighted gender disparities in retirement savings. Only 5% of women have saved $100,000 or more, compared to 9% of men. These differences can be attributed to a variety of factors, including wage gaps and differing financial habits. Women often face unique challenges like lower earnings and higher levels of student loan debt, which can impact their ability to save for retirement.

Marital status also plays a significant role in savings potential. About 10% of married Americans have saved $100,000 or more, while just 3% of single Americans have reached that milestone. The benefits of dual incomes and shared financial responsibilities likely contribute to this gap, making it easier for married couples to accumulate savings.