Americans are taking it to the bank, literally

U.S. & World
AMERICANS SAVING MORE WEBSTILL_1535463274448.jpg.jpg

(CNN) – Are you adding more money into your retirement account? If the answer is yes, you’re part of the trend.

According to a new Bankrate survey, more people are saving more this year than in 2017. In fact, this is the highest rate of increased retirement savings in the survey’s history.

28% of employed Americans who were surveyed say they’re saving more now than last year. Older millennials, ages 28 to 37, are saving the most for retirement. 39% of them reported are making this a priority.

Bankrate recommends saving at least 10% of your income for retirement. They say stagnant wages is the main reason people struggle to save. Financial experts say there are ways to overcome those income-related challenges and still find a way to save for the future.

Number one, live a more modest life. This means re-examining your living expenses and how you can lower your bills.

Number two, get a side hustle. If you’ve downsized and your primary job still won’t pay you enough to save, it’s time to get a second gig.

Number three, fight for a raise. If your wages have not gone up in years then you should ask for more money. According to job site “Career builder” 56% of employees have never requested a raise.

Among those who did ask, 66% of them were successful.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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