investing

Americans' feelings on financial security

What age were you when you started saving for retirement? Or, are you like 36 percent of Americans, and haven't started saving yet? Regardless of age, there is no better time than the present to start saving for your retirement.

The lowest-income households were the least likely to have started saving for retirement, with the likelihood of having started increasing along with income.

For those who have started their retirement savings, their 20s and 30s were the most common time frames to begin. People are also starting earlier than in generations past. Americans age 65 and older were evenly split among starting retirement savings in their 20s, 30s or 40s. Those age 50 to 64 were slightly more inclined to have started in their 20s than in their 30s, while adults age 30 to 49 were twice as likely to have started saving in their 20s as in their 30s.

Americans' feelings of financial security were unchanged from one month ago, with Bankrate.com's Financial Security Index registering at 100.1, indicating a slight improvement in how people feel about their financial security compared with one year ago.

Job security, net worth and overall financial situation are all areas in which Americans have noted improvement over one year ago. Comfort level with debt remains mixed, while there are twice as many Americans less comfortable with their savings as there are those that are more comfortable, compared with a year ago.

For more information on this month's Financial Security Index, just visit Bankrate.com.

I'm Greg McBride.

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