Many studies have shown that North Americans have not saved enough money to last them through their retirement years, and a new report shows they are not alone.
As reported by the Fort Mill Times, a Paris-based financial services company, Natixis Global Asset Management (NGAM), found the United States ranks 19th in the world for the level of retirement savings preparedness, behind Canada (13th), Australia ( 11th), and Japan (15th). The highest-ranked countries were all located in Western Europe.
The top five countries listed by NGAM are: Norway, Switzerland, Luxembourg, Sweden, and Austria.
“The bottom line is that U.S. workers, like many of their counterparts across the globe, have to step up even more and take charge of their retirement futures,” Tracey Flaherty, senior vice president of NGAM, was quoted as saying.
Flaherty added that Baby Boomers should not plan to rely on governmental assistance programs for aid in their retirement years, but rather on their own savings and investments, including a diversified portfolio in a variety of different assets.
Saving for retirement can be a challenge, but it doesn’t have to be impossible. Financial advisors typically recommend people begin planning for retirement – and start saving – as early as possible.