A recent report from the National Institute on Retirement Security has given the United States retirement system a lackluster C+ rating. This rating reflects the overall inadequacy of the current retirement system in providing financial security for individuals as they age.

The report highlights several key areas where the US retirement system falls short. One major concern is the lack of access to retirement savings plans for many Americans. According to the report, nearly half of all workers in the private sector do not have access to a retirement plan through their employer. This means that millions of individuals are left to fend for themselves when it comes to saving for retirement.

Even for those who do have access to a retirement plan, the report notes that many are not saving enough to adequately fund their retirement. The average retirement savings balance for households nearing retirement is only $120,000, which falls far short of what is needed to maintain a comfortable standard of living in retirement.

Additionally, the report highlights the growing trend of individuals being forced to work longer in order to make ends meet in retirement. With rising healthcare costs, uncertain Social Security benefits, and a lack of adequate savings, many retirees are finding themselves having to stay in the workforce well past the traditional retirement age.

So, what does this C+ rating mean for you? It means that you need to take control of your own retirement planning. Don’t rely solely on Social Security or hope that your employer will provide you with a sufficient retirement plan. Take the initiative to start saving for your future now.

Start by setting up a retirement savings account, such as a 401(k) or IRA, and make regular contributions to it. Consult with a financial advisor to develop a retirement plan that fits your individual needs and goals. Consider investing in diverse asset classes to maximize your returns and minimize risk.

It’s never too early or too late to start saving for retirement. By taking action now, you can improve your chances of enjoying a financially secure and comfortable retirement in the future. Don’t let the shortcomings of the US retirement system hold you back – take charge of your financial future today.

LEARN MORE ABOUT: Retirement Planning

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing