by Jameel Murray
The recent economic downturn has affected our living. Because of the recent recession, Americans are seemingly more responsible with their money. Since the recession, people’s savings have drastically increased, fearing the idea that the recession is not going to end anytime soon. Even though people are starting to save more, the investment in retirement has been somewhat stalled. According to the 2009 Benefits and Talents survey, 87% of respondents have stated that they are delaying retirement plans, due to the economic conditions. Employers have also taken the same attitude toward their retirement planning programs, but due to the high cost of company required contributions, companies are not changing their pension, benefit programs anytime soon.
Although stalling retirement planning may seem like a bad thing for employees, studies have shown that most of these employees have little or no knowledge of the amount of money needed to retire. Many believe that retirement would eventually become a challenge for many Americans in the future because very few employees know how much to save for retirement.
http://sev.prnewswire.com/banking-financial-services/20090930/CG8410530092009-1.htmlhttp://www.news-insurances.com/recession-makes-employees-worry-about-their-retirement/01675307http://charlotte.bizjournals.com/charlotte/stories/2009/09/28/daily40.html
People should do more research and study of retirement as well as of their own spending habits so that they may be able to plan out their future, and aim to save up a sufficient amount for retirement. Also, people should start to save up for retirement early so that fewer problems like these would come up - Jonathan Tse
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