The majority of us expect to retire, yet a new study reveals that many of us are far from on track for a comfortable, financially secure retirement. A report released by the Insured Retirement Institute paints a dismal picture for future retirees (particularly Baby Boomers) who have not saved enough and are too optimistic that social security will sustain them. Assuming that Social Security will fund your golden years is a risky bet. Americans are living longer and having fewer children. Therefore, the ageing population is increasing while the working-age population decreases. It is a safe assumption that this could deplete the Social Security pot in the future. Meanwhile, 66% of Millennials admit they have absolutely nothing saved for retirement, according to the National Institute on Retirement Security. While members of Gen Y also need to prioritize retirement, they are facing an upward battle to do so. Living costs are high and the government’s role in helping Americans prepare for retirement has declined. Pensions have been eliminated and replaced by privately managed, high-fee 401ks and IRAs. In a modern world of contract, part-time and freelance work, many of today’s employees don’t meet the requirements for eligibility for employer retirement plans. Indeed, around 25% of Millennials say they have been unable to take advantage of employer-sponsored retirement plans because they work too few hours. Unfortunately, many people retiring today don’t have the safety net of retirement pensions that the generations before relied upon. Making matters worse, they have failed to save enough through their 401(k) plans to live off of in retirement. For those with inadequate savings, life can look bleak. The stark reality is that most of us cannot afford NOT to think about retirement – and the earlier we DO think about it, the better. It may feel financially convenient to delay saving until it feels ‘affordable’, but the sooner we start, the more financial security we can hope to have for our future. If you haven’t started to save for retirement, start now. If your employer doesn’t offer a 401k, open a traditional or Roth IRA with a financial advisor or robo advisor. If you want to incorporate your values into your investments the same way you make other conscious financial decisions, OpenInvest is a low-fee option that will hold your IRA in a a diversified, socially responsible portfolio. It’s important to remember that investing in the market comes with inherent risk, including the loss of your entire investment. Make sure you’re prepared to invest before getting started. Sign up here to find out more.