Posted: May 10, 2012 6:41 PM by Nikki Ibarra
Saving for retirement is not something most Americans are doing these days. In fact, a new survey showed 49% of Americans aren't contributing to either a 401K or an IRA.
The survey, conducted by LIMRA, a trade association for the financial services industry, said the numbers are higher among those between 18 and 34 years-old, with 56% not using a retirement plan at all.
"To put money on 401K, that would be, you know, an extra expense that, you know, right now I don't have," said Joe Londono of Los Osos.
Londono hopes he and his wife will be able to contribute to a 401K plan in about 3 years. He used to have one, but in the past couple of years, he'd has to use it all, just to get by.
"You know, you need the money and you need it now. Sometimes the money you were saving up for, you know, 3 to 4 years through your job, you need to take it out," added Londono.
For Chuck Cacciola of Los Osos, he's been working toward his retirement goal for 25 years. "Everyone has to take responsibility for their future, and I really believe that by putting a little bit away every month, you know, hopefully you're going to have a pretty good nest egg," said Cacciola.
Bob Wacker of R.E. Wacker Associates said one one thing he hears a lot is people can't afford to put money in. "If it means that you can't put food on the table, if you make that contribution that's a valid reason. If it means that you can't do it because you need the latest iPad or iPhone then that's probably not a valid reason," said Wacker.
So in a couple of years, Joe Londono hopes things will be back in order, and he can once again put money into those plans.
"Times are tough right now. You know, we're trying to save as much money as we can, take home, pay and put some away. For right now, I'm just trying to save as much as I can," said Londono.
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