There are many reasons people do (or don’t do) the things they should. According to GoBankingRates.com, almost 33% of American workers have saved nothing for retirement. That is an astounding statistic and spells trouble for the entire economy down the road.
Knowing the reasons for people not saving is a start, this way you may be able to identify a few solutions.
Here are some of the reasons listed for workers not saving for retirement according to GoBankingRates:
- THEY DON’T THINK SAVING FOR RETIREMENT IS A PRIORITY
About 40 percent of Americans said saving for retirement simply isn’t a priority for them, found the GOBankingRates survey.
- THEY ALREADY SPENT THEIR RETIREMENT SAVINGS ON AN EMERGENCY
Many Americans don’t have a single penny set aside in a retirement account because they used the funds to take care of emergency expenses or other priorities.
- THEY DON’T HAVE ACCESS TO A WORKPLACE RETIREMENT PLAN
Approximately 19 percent of survey respondents pointed out their employer doesn’t offer them a retirement plan. So they haven’t saved anything.
- THEY DON’T THINK THEY NEED RETIREMENT SAVINGS
Whether it’s because they expect to earn enough through passive income when they leave the workforce or they’re expecting a trust fund payout, about one in 10 Americans don’t feel the need to set aside a portion of their paycheck for the future, found the survey.
- THEY PLAN TO RELY ON SOCIAL SECURITY
Adults 65 and older spend an average of nearly $45,000 a year, according to the Bureau of Labor Statistics.
- THEY’RE STILL RECOVERING FROM THE 2008 CRISIS
It might be nearly 10 years later, but many people are still recovering from the 2008 financial crisis — and survey participants said this is the reason they haven’t saved for retirement.
- THEY DON’T MAKE ENOUGH MONEY TO SAVE FOR RETIREMENT
Not earning enough money is another reason some Americans are ignoring their retirement fund, found the GOBankingRates survey.
Mr. Kelly is an expert in online marketing, search engine optimization, content development and content distribution. He has consulted some of the top brokerages, media companies and financial exchanges on online marketing and content management including: The New York Board of Trade, Chicago Board Options Exchange, International Business Times, Briefing.com, Bloomberg and Bridge Information Systems and 401kTV.
He continues to be a regular market analyst and writer for ForexTV.com. He holds a Series 3 and Series 34 CFTC registration and formerly was a Commodities Trading Advisor (CTA). Tim is also an expert and specialist in Ichimoku technical analysis. He was also a licensed Property & Casualty; Life, Accident & Health Insurance Producer in New York State.
In addition to writing about the financial markets, Mr. Kelly writes extensively about online marketing and content marketing.
Mr. Kelly attended Boston College where he studied English Literature and Economics, and also attended the University of Siena, Italy where he studied studio art.
Mr. Kelly has been a decades-long community volunteer in his hometown of Long Island where he established the community assistance foundation, Kelly's Heroes. He has also been a coach of Youth Lacrosse for over 10 years. Prior to volunteering in youth sports, Mr. Kelly was involved in the Inner City Scholarship program administered by the Archdiocese of New York.
Before creating ForexTV, Mr, Kelly was Sr. VP Global Marketing for Bridge Information Systems, the world’s second largest financial market data vendor. Prior to Bridge, Mr. Kelly was a team leader of Media at Bloomberg Financial Markets, where he created Bloomberg Personal Magazine with an initial circulation of over 7 million copies monthly.