As we mark National Save for Retirement Week October 19-25, it's clear that far too many Americans look to their retirement with more fear than anticipation. A recent Federal Reserve report underscores why: nearly a third of Americans have no retirement savings at all.
Even those with well-funded nest eggs face challenges — most notably, the explosion in healthcare costs. Further, many Americans appear to question the viability of Social Security and Medicare, the very foundation of retirement security in this country.
The challenges we face around retirement in the U.S. are surmountable. We just need the determination to tackle them. But one thing that individuals can do right now is save more for their own retirement. It's the foundation for creating lifelong financial security.
Organizations such as TIAA-CREF have a key role to play as well: providing strong retirement plans that encourage the right kinds of behaviors and drive the right kinds of outcomes. Since our founding in 1918, TIAA-CREF has helped millions of Americans who work in higher education, healthcare, and the broader not-for-profit sector achieve financial security in retirement. We are proud of that record.
We want to see more Americans, at all ages and income levels, feel confident about their retirement. To that end, we have assembled a range of resources that can help you get on track and stay on track. I hope you will take the time to explore them, and to assess your own retirement goals and savings habits. Let National Save for Retirement Week be the week you begin to think of your retirement with a sense of excitement.