Americans Saving Nearly 8% for Retirement

In a survey of 1,000 adults, PenFed Credit Union learned that Americans, on average, are saving 7.6% of their salaries for retirement. This increases to 8.9% for men and decreases to 6.4% for women.

Asked what they would do if they were given $5,000, respondents were most likely to say, put it into their savings account (63%), followed by pay bills (55%) and put it towards their retirement (23%).

The survey also found that people who are automatically enrolled in their retirement savings plan are saving an average of 10.2%, compared to 4.8% for those without automatic enrollment.

Households with incomes more than $100,000 a year are saving an average of 10.2% compared with households below that threshold saving 6.2%.

Adults with a financial adviser are saving an average of 10.4%, compared with 5.5% for those without one. College graduates are saving an average of 9.3%, compared to 6.2% for non-grads.

“It’s hard to think about retirement when it seems so far away,” says Stephen Simpson, vice president, affiliated businesses, at PenFed. “But if you start saving a small amount today, it will add up for the future.”

McLaughlin & Associates conducted the survey for PenFed.