Mar 13 2011
Survey Finds 63% Of Americans Say Debt Is Preventing Saving For Retirement
Survey Finds 63% of Americans Say Debt is Preventing Saving For Retirement
Debt causes many Americans to work longer, retire later, or permanently delay retirement
Sixty-three percent of respondents to a recent survey by Scottrade, an online investment firm said that excess debt is preventing them from saving for retirement and four of ten survey respondents said they were concerned that they have too much debt.
The Scottrade survey, taken together with a similar study conducted by MetLife, suggest that many people are waiting until too late in life to make effective retirement decisions. Over half of respondents reported that they were behind on their savings goals and one in four people were significantly behind. Together, these two surveys suggest that the majority of us have a long way to go before we are financially prepared for retirement.
Sometimes debt consolidation loans or unsecured personal loans via personal loans or small business loans can be part of the financial equation for organizing one’s financial house and getting ready for retirement.
How can you figure out if you are ready for retirement – and if not, what steps can you take to improve your financial position? Some suggestions for putting your finances in order are to change your budget so that you save more. Even a slight increase in your savings can yield big dividends later on. Diversify your investments through index or mutual funds, and lower your exposure to stocks by shifting into safer vehicles such as bonds and cash as you approach retirement. Make sure that your budget helps you meet your long and short term goals. If your employer offers a retirement plan, be sure that you contribute to it as much as you can afford, especially if your employer offers a matching contribution. Ask your banker if you can set up your checking account so that a certain amount is automatically deposited into savings every month.
By all means, review your personal loans or credit card balances and signature loan. Pay down as much of your high-interest debt or shift debt into lower interest signature loans where feasible.
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