Are Americans naturally bad at savings for retirement?
The U.S. system of retirement saving, such as it is, has shifted sharply toward personal responsibility, and we Americans are naturally bad at it. This situation is reinforced by the recent findings by the Government Accountability Office (GAO), which found many people don’t have enough saved to fund their post-retirement life. They found the median retirement savings being just over $107,000, which represents payments of about $310 a month. A recent Bloomberg Opinion article entitled “Saving for Retirement Is Harder Than It Should Be”; offers why we Americans are so bad at retirement planning. Read the article here…
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