Most Americans Close to Retirement Have Saved Only 12 Percent of What They Need

A new Bankrate survey estimates Americans between 55 and 64 years old with retirement savings only have a median of $120,000 saved, which is only 12 percent of the $1 million many experts recommend, reports CNBC . Americans age 65 to 74 have a median of $126,000 in retirement accounts, which the poll says "won't last long in the absence of paychecks." Many experts advise Americans to have seven times their annual wage saved by 55. By retirement age at 67, that number rises to 10 times their salary. Just 16 percent of survey respondents note they save more than 15 percent of what they make at all, while 25 percent save between 6 percent and 10 percent of their income and 21 percent say they save 5 percent or less. In addition, 20 percent of respondents say they do not save their income at all. For most employees, contributing to an employer-sponsored 401(k) plan is the easiest way to begin saving for retirement, while those for whom a 401(k) is not an option ought to consider other tax-advantaged retirement funds such as a Roth IRA or traditional IRA.