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Americans are doing a poor job at saving for retirement, according to the Federal Reserve

Alessandra Malito
Americans are doing a poor job at saving for retirement, according to the Federal Reserve

Americans aren’t saving enough for retirement and those who do save aren’t sure what they’re doing, the latest Federal Reserve data show. More than a third of non-retired Americans say their savings is on track but one-quarter have no retirement savings or pension. Six out of 10 Americans with a self-directed retirement account, such as a 401(k) or individual retirement account, aren’t comfortable with handling the investments, and many struggled with financial literacy questions.