May 24, 2013

One of my favorite e-newsletters is American Consumers Newsletter by Cheryl Russell, Editorial Director, New Strategist Press. You can sign up for the newsletter here. Anyway, Cheryl’s newsletter is filled with insights into consumer buying behavior.

Because I do consulting in the retirement industry (check out our national site, www.retireUSA.net), one statistic in her May newsletter really caught my eye: nearly half of American households have saved nothing for retirement, according to a Congressional Research Service analysis of the 2010 Survey of Consumer Finances.

Among the nation’s 118 million households, 58 million (49.6 percent) have no defined-contribution plan and/or IRA. Another 40 million (33.9 percent) have $100,000 or less in retirement savings. That leaves just 19 million households (16.5 percent) with more than $100,000 saved for retirement. Sounds like a great marketing opportunity for financial services firms that want to help people save for retirement.

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