Varney: 'Dramatic' Retirement Savings Data Shows Americans Are Being Squeezed
Some new statistics are drawing attention to Americans' ability - or perhaps, lack thereof - to save for their retirement. More than one of every three people surveyed said they have less than $1,000 in retirement savings, according to the annual Retirement Confidence Survey, released by the nonpartisan Employee Benefit Research Institute.
Nearly two-thirds say they have less than $25,000 and only 44 percent say they've actually calculated the amount they will need in retirement.
Overall though, confidence about retirement savings was higher in the survey this year, but the increase was mainly tied to upper-income earners.
Stuart Varney sat down with Jenna Lee this afternoon to go over the numbers, calling it "dramatic" that 60 percent of Americans don't have $25,000 saved.
"That's Middle America. Middle America cannot come up with $25,000 toward their retirement savings. That tells me that Middle America is being really squeezed by all kinds of things," he said.
Varney pointed out rising health care costs, college costs and increases in student loan debt as reasons for why people are not able to put more money away.
Watch the discussion above, and for more from Stuart, tune in to Varney & Co. weekdays on Fox Business Network at 11a ET.