(BPT) - It’s no secret that Americans aren’t saving enough for retirement. Many people are coming up short when it comes to funding their nest egg. But why is the problem so wide-spread? Insight can be found in the human behaviors that tend to get in the way of saving adequately.
With National Save for Retirement Week the third week in October, now is the perfect time to learn more about the most common hurdles of retirement savings. The experts at Prudential Retirement note the top five challenges to being retirement ready include:
1. Living longer
Did you know a baby born today is more likely to live to 100 than to be born with blue eyes? The fact is, people are living longer, and it’s hard to know how long you’ll live. You may live many years beyond retirement, a time when you’re no longer creating income. The challenge is we still believe we’re living to 70 or 75 – but think about it. How old is the oldest person you know alive today? Chances are, you know someone who is well into their 90s. Saving for retirement now prepares you for the exciting possibility of having a longer retirement.
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