Experts Explain Why People Struggle To Save For Retirement

posted by Amy James - 

Do want to know how bad we are at saving for retirement? The average working age couple only saved about five-grand for retirement in 2016 according to the Federal reserve. That’s bad.

It turns out, our brains aren’t too hard-wired for saving, so don’t feel too bad. We are conditioned to earn money more than we are to save it. The Cornell University research shows that the bias is so strong toward earning that we don’t realize our time to make retirement happen comfortably is running out.

Our attitude is “hey, we can earn tons of money and at some point it will add up.” The problem is that “some point” never happens. Other factors play a smaller role, though. Those include age, financial security or personality type.

The savings rate keeps falling and that means a lot of people, including you, may struggle in your “golden years.” There are plenty of resources to strategize saving, so break out that piggy bank and start tossing the change in.

Source: Moneyish

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Amy James

Amy James

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