Many Americans are not saving for retirement or putting anything away in their emergency fund. And this is causing a lot of regret for people across the country, says a new poll.
According to data from Bankrate, Americans’ biggest financial regret is not saving for retirement early enough, followed by not saving enough for emergency expenses.
The survey also listed several other regrets, which are likely common:
– Taking on too much credit card debt.
– Taking on too much student loan debt.
– Not saving enough for your children’s education.
– Buying more house than you can afford.
Interestingly enough, many people are not tackling these regrets.
“Time is your greatest ally when saving for the future. To workers of all ages, there is no better time than the present to increase your 401(k) contribution or fund an IRA,” Greg McBride, CFA and chief financial analyst at Bankrate, says in the report.
“In the here and now, most adults do not have enough stowed away in a savings account to adequately protect them from going into debt, should disaster (lost job, health scare) occur.”
Despite these regrets, people are still spending, but they’re not saving.
The best laid plans of mice and men. I have a retirement account though teaching but it solvency is in question. A down turn in the market, government theft be it directly or indirectly by the devaluation of the dollar. Diversification and holding something with intrinsic value like silver, gold or other commodity is always best. The only thing that can’t be taken is skills.