Workers Confident But Unprepared for Retirement in 2014

In a recent study more than half of U.S. workers are not saving enough money to be able to cover living expenses in retirement. The article states that “In the aggregate, worker savings remain low, and only a minority appears to be taking basic steps to prepare for retirement”. This is concerning because many Americans will not have the benefit of a pension as their parents did.
The article claims that there has been in increase in confidence for retirement up 5% since 2013, because of rising stock market, however the reality is that this still may not be enough. Many of today’s workers have a large amount of debt which is not allowing them to save the amount needed for a comfortable retirement. I believe that one of the reasons why workers are not able to save the amount they would like to is because of the cost of living and day-to-day expenses. There are economic factors such as declining incomes, increasing college tuition costs, rising health care costs, and credit card debt.
The article suggests that one way to help solve the debt burden is to “Focus on Budgeting”. A good way to focus is to keep track of your expenses and to even keep a log. It is a good idea to make smart decisions about purchases, and how to modify your savings plan. Another good idea mentioned was to try a planning calculator. It has been found that workers who use retirement calculators that they save 40% more than those who do not.
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