Post by Po-cheng Huang
Americans face immediate financial concerns on a day-to-day basis, and these take priority over long-term retirement goals. In Bankrate's retirement savings poll, taken in mid-September, seven in 10 Americans (68 percent) said they are not able to reach their monthly retirement savings goal because of other financial responsibilities.
About one-third said they are putting some money away, but not enough. Another third aren't saving anything at all. Only about 28 percent said they are meeting their monthly retirement savings target.
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When many Americans are only many minimum wage, it can be extremely difficult to find extra money to put away. For these Americans, the income derived from working goes to surviving and paying bills such as rent, electric, and groceries that are a necessity. If I were in this position, I would attempt to get an education by going part time or pick up more hours elsewhere and attempt to work my way up the ranks. The only way to start saving more money is to cut expenses or to earn more. Retirement savings is going to become very important for our generation figuring that we do not know what the fate of social security will be when it comes time for us to retire.
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