Invest in Your Future by Saving for Your Retirement

Recent statistics show that half of all workers have saved less than $10,000 for their retirement, while more than a third have less than $1,000 saved. These figures are rather alarming because it shows that many people haven’t saved nearly enough for their retirement expenses. This could mean that many retirees will be forced to continue working in order to make ends meet in their golden years when they will be expecting a well deserved rest after numerous years of hard work.


Only 18 percent of Americans feel very confident that the amount of money that they have saved for their retirement will allow them to live comfortably, while slightly more than half of Americans say that they feel somewhat confident about their savings. Nevin Adams, a director at the Employee Benefit Research Institute, states that the recent recession and its slow recovery has undermined the public’s confidence. Over the past five years economic recovery has been on the rise, which has given many people more confidence about their retirement possibilities. This is because it has allowed more people to begin saving for their retirement or investing in stocks. The problem is that this new confidence only extends to those with higher incomes of more than $75,000 a year. People that are in a lower income bracket don’t feel this confidence because they don’t have the funds to purchase stocks or save as much money if any towards their retirement as those in a higher income bracket can.


Many lower income individuals are saved by investment policies offered by their employers. Instead of having to make a conscious decision about what they can or can’t afford to save, they can choose to let their employer take a set amount or percentage from each pay check to put towards an employee savings plan. This has its drawbacks as well because it is not something that is offered by all employers, and some people still choose not to participate. Even so, over recent years more employers have begun to offer this as an option for their employees, often signing them up automatically in the company’s employee savings program or placing the money in a retirement account for the employee. If an employer does offer a program of this type, it is in the employee’s best interest to take part in it if it is not automatically set up for them in order to ensure that they will have something put away for their retirement.


About the Author:



Blair Thomas is an electronic payment expert, who loves all things finance and planning. He is also the co-founder of, the #1 adult merchant account company in the country. If you would like to see what he’s up to, add him to your Google+ circle.


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