The Retirement Savings Dilemma: Some Possible Causes
Saving money isn’t easy under any circumstances, and saving for retirement is even more difficult. It seems so far away, and other factors just keep getting in the way. Many folks tend to lean toward excuses that explain why they just can’t build up that nest egg, even though they intuitively know that not saving for those later years will likely be a problem at some point. In fact, this heading from a post on www.gobankingrates.com puts this dilemma in perspective for us: “64% of Americans Aren’t Prepared For Retirement — and 48% Don’t Care.”
The Go Banking Rates article reports on a survey indicating that 45.5% of respondents indicate they’ve saved zero (that’s 0) dollars for retirement. As The Motley Fool’s Katie Brockman notes in an article posted on www.fool.com, these non-savers are “going to be in for a rough retirement.” Her article presents three common reasons cited for one’s inability to save, with one of them being an opinion that they just won’t need to have any accumulated wealth to fund their later years. Interesting. Read Ms. Brockman’s post here…
As part of its work on crafting a solution to Social Security’s solvency problem, the Association of Mature American Citizens (AMAC) has focused on the savings issue, and has developed a companion proposal called the Social Security PLUS plan. The “PLUS” denotes an early retirement account that may be accessed at age 62 or later that is in addition to the Social Security program from which 63 million Americans currently receive benefits. For more information on Social Security Plus, check out our post from earlier this year, and to learn more about AMAC’s efforts to solve Social Security’s solvency dilemma, click here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.