There is an illness abiding within the United States that is affecting a significant percentage of both individuals and families, but it doesn’t have anything to do with physical health. In terms of financial savings, Americans are sick and there is the data prove it. The results of a December 2014 poll conducted by Bankrate revealed that a staggering 62% of respondents did not have sufficient savings to cover large, unexpected expenses such as car repairs or emergency visits to the hospital. It stands to reason that if a majority of Americans don’t have enough savings accrued to cover unexpected life events, then they also do not have adequate savings set aside for retirement.
Americans have been declining in their savings efforts over the past several decades, but the financial crisis that occurred in 2007–2008 compounded an already serious problem. The tough economic environment has made it more difficult for working Americans to afford even basic necessities, let alone save for retirement. Although around half of U.S. businesses are spending both money and time in efforts to address retirement savings issues with their employees, only a relative handful of those employees are taking advantage of the tools made available to them. Those who do maintain retirement savings plans often take out loans against them to pay for bills, emergencies, or desired material upgrades that are not as readily affordable.
