Student debt hurts the financial well-being of an overwhelming portion of respondents to a new survey—with the scourge of student debt cutting across generations and economic status.
Employees are racking up credit card debt and borrowing from retirement savings to pay for unexpected expenses.
For both sexes, becoming serious about saving for retirement doesn't usually happen until one's 40s or 50s.
EBRI says more families are placing themselves at risk of running short of money in retirement due to their increased likelihood of holding debt while in retirement.
Seventy-nine percent believe that by the age of 80, a comfortable retirement will be a thing of the past, and 70% say that is because they are unable to save as much as retirement planning tools recommend.
Fifty-five percent of women are afraid they will outlive their savings, according to the Transamerica Center for Retirement Studies.
Among those who said they would like to save more, 56% said retirement was a top reason; however, LIMRA found that debt is a major obstacle preventing many people from saving as much as they would like.
However, this is not always the case for lower-income workers, MassMutual found in a survey.
The initiative comes after Transamerica studied the parallel nature between physical and financial lifestyles.
The firm's analysis found participants who also had HSA savings were more retirement ready than those who did not.
“Eighty-six percent of employees say that if their employer improved benefits or added access to an investment plan, it would have a positive impact on them at work, resulting in higher job satisfaction and greater commitment to the organization,” Mercer says.
However, U.S. LGBT workers rank the highest on the Aegon Retirement Readiness Index, compared to workers in eight other nations.
In the fourth quarter of 2017, AICPA’s Personal Financial Satisfaction Index reached a record high in the 24 years the trade group has been conducting this survey, due to strong market gains and low unemployment.
However, at year-end 2015, for example, the ICI says participants in their twenties had 80% of their portfolios invested in equities, while participants in their sixties had 55% in equities.
TIAA also discovered that participants with web access are twice as likely to seek out advice as those without web access.
The bill does not impact tax breaks for retirement savings.
Forty percent plan to increase their deferral rate, up from 24% in 2016.
The company has set up pages on Facebook, Twitter and LinkedIn to educate people about retirement
The damage is worse for younger workers, as their savings time horizon is longer than older workers.