Retirement is the reward you receive after years of working hard at your job. It’s a time when your days are slow and leisurely, and you get to decide how to fill them. Most people dream of having a relaxing retirement, but unfortunately, many Americans have trouble saving up the money they need to retire. According to the Employee Benefit Research Institute’s 2016 Retirement Confidence Survey, only one in five American workers feels confident that they will have the money necessary to have a comfortable retirement. There are many reasons why Americans are feeling less and less confident about their ability to retire. Here are nine of the most common reasons why many Americans may never be able to retire.
1) They’re too Focused on Short-Term Saving Goals
Many Americans get caught up in the moment, and they focus more on short-term saving goals rather than saving for retirement. According to a survey by GoBankingRates, forty percent of Americans say saving for retirement isn’t a priority for them. It can be hard for younger Americans to think so far ahead when there are so many things they want to save for now. It’s much easier to save for something tangible, like a big trip, than it is save for something so far down the line like retirement. If this is something you struggle with, look at your budget and decide where you can cut back a bit. Then, put this money into your retirement savings account. When you do this, you may have a little less to spend on your short-term goals, but it will be worth it once you retire.