SAN FRANCISCO—A new research report indicates that debt and overspending are impacting retirement savings.
In a recent survey by Schwab Retirement Plan Services, only half of the respondents believed they were contributing to a 401(k) plan, reported Forbes.
“For those who were not saving, the main reason appeared to be because they have no money left over each month, or they are already behind on bills,” Forbes noted.
“When non-savers were asked about the primary obstacles to their saving for retirement, the top two obstacles noted were credit card debt and regular monthly bills. However, when savers were asked the same question, unexpected expenses topped the list of obstacles, not monthly bills or credit card debt, Forbes reported.