Saving for Retirement Just Not a Priority for Many Americans, Study Reveals
NEW YORK - When it comes to saving for retirement, many Americans place it at the bottom of the priority list - right behind paying bills, buying computers and making home improvements. This was one of the findings from a study from Prudential Financial, Inc., which found that seven out of 10 Americans don't consider saving for retirement a high enough priority. The online survey was conducted Dec. 18 to Jan. 3 and randomly sampled 621 Americans age 30 to 69. Those still working said they are "behind schedule" with 70% expecting to work during the first 10 years of their retirement, according to the study. Household income doesn't appear to have an effect on who's savings: those with income of more than $75,000 are just as likely as those earning less to say that saving for retirement isn't a primary objective. The cost of living, rising health-care costs are among the top issues that have caused Americans to fall behind in saving for retirement, the study showed.