Retirement is one of the major milestones in our lives, but there is a real concern nowadays that Americans are not saving enough for this time period. While some are managing to put away money for their golden years, there are others who are failing to make the right savings. Let’s take a look at some of the factors that are determining whether or not a US worker is able to save enough for their retirement.


While an individual might have an idea of what they are saving for their retirement, it is more difficult for corporations to manage to do so. There are many different factors that go into creating and managing a pension plan for a company. By making use of a pension software like IntelliPlan, they are able to keep track of many of the aspects of pension management.

Specialist software will be able to keep up with all of the legislation changes that arise from the regulating authority, while also automating the scheme and ensuring that everything runs as it should. While there are many things that can affect a pension, equally there are many things that can be done to help with the management of pensions so they are able to fulfil their operations correctly.

Living Costs

The living costs in many parts of the US are rising, but wages are doing little to compensate for this. As a result, more and more workers are not managing to save an adequate amount for their retirement as that money needs to be put towards their cost of living instead. 

Whether they are renting or have a mortgage, house prices in some parts of the US are skyrocketing. Someone might have very little say in where they are able to live as they need to be in a particular area for their work, but they might struggle to find a place to call home because of property prices. Likewise, the costs of running a car and even grocery prices are climbing. While some of this can be put down to inflation, there are many other aspects of life in modern America that are adding to the stresses that the average American feels. Many think that they are not able to add to their pension at the moment as there are better uses for that money in the present.

Financial Education

It is also important to bear an individual’s financial education in mind when considering if enough is being done to save for pensions. Nowadays, there are many different resources and opportunities for those who want to jump in and try to earn a little extra on top of their standard pension. 

This is often primarily done through investing in some manner. Investing is not for everyone, as it does require a lot of education and maintenance to be able to see some good dividends, but there are plenty who are looking into this as a viable way to earn some extra money for their retirement.

This is leading to generations with a much greater financial education than those who came before them. Though they might find themselves with less of a disposable income than their predecessors, they are more informed as to how they can best make use of their resources at hand to better secure their future.

Starting Ages

There are many flags being raised about the importance of saving for retirement from an early age. Too many are leaving it too late to begin to save for their pensions, even though they are able to put away a fair amount when they reach this stage. It is generally accepted that most should start saving for their pensions in their 20s, but many find that they are unable to do so properly until they are in their 30s. This creates a massive lag in the amount that they are able to put aside for their pensions.

Imagine that one person puts aside one block of money for their pension in their 20s, and another does the same in their 30s. If they retire at the same age without making any more deposits, the person who saved in their 20s will have more money due to compound interest alone. It is vital that Americans start to save as soon as they are able to, as the starting age will make a difference. 

Are US workers saving enough for their pensions? While there are some who are able to put away enough of a pension packet, there are others who are struggling to do so with the resources currently available to them. Some changes and a better financial education will hopefully help them to save enough for their retirement, no matter what role they might currently be in.


Please enter your comment!
Please enter your name here