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Fidelity: Retirement Savings Rate Improving, Still Insufficient

A new study released by Fidelity finds that “people are saving more and investing more appropriately for their age, improving the overall state of retirement readiness of households in America.” The biennial study found that 45 percent of the population will likely be able to cover essential expenses in retirement, up from 38 percent in 2013. The study found that only 27 percent of respondents would be able to cover more than 95 percent of total expenses (including estimated discretionary expenses), though this number increased from 23 percent of respondents in 2013. Fidelity found that the median savings rate for respondents improved from 7.3 percent to 8.5 percent compared to the last study, with millennials improving the most, jumping from 5.8 percent to 7.5 percent. Though Fidelity recommends a savings rate of 15 percent, the closest to this rate were Baby Boomers (ages 51-69) at 9.7 percent.