Yet Another Victim of Global Financial Crisis: Your Retirement
Americans are scaling back their contributions to their retirement savings plans, a new study has found.
In a survey conducted by Opinion Research Corporation on behalf of TD Ameritrade Holding Corporation, 35 percent of respondents said they have reduced their contributions to their 401(k) or other similar retirement plans. Sixty-three percent said they have completely suspended their contributions.
Half of them said the financial strain caused by the economic downturn was the reason for tucking less money away for retirement. Thirty-two percent blamed unemployment and 25 percent attributed the decrease to health care costs.
The people cutting back most were 35- to 44-year-olds. Twenty-two percent of them said they have stopped or reduced their contributions.
Not many of the 1,005 survey respondents were saving for retirement in the first place. Only 54 percent said they are investing in a retirement plan.
By Nancy Trejos |
October 29, 2008; 10:59 AM ET
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