(WTNH) — Have you been saving more money for your golden years lately? If you’re saving a lot less this year, you’re not alone.
We’re stretching your dollar with why fewer Americans are contributing to their retirement savings.
A survey finds many people are not increasing their retirement savings. A Bankrate report found fewer than one third of working Americans, around 29 percent, have increased contributions in the last year while 16 percent lowered their contributions.
Income level appears to be the biggest factor. The highest earners who made $75,000 or more were twice as likely than the lowest income households to increase contributions this year.
Age also played a role eith older millennials between the ages of 30 to 38 being the most likely to increase their retirement saving.
Workers 65 years or older had the tendency to decrease their contribution.
So why are people saving less? Nearly one in four people surveyed said they felt comfortable with the amount they were putting away. Another reason– stagnant or decreasing income. While others said they were focusing on another financial priority.
Here’s a reason to bump up those contributions today: You’ll get used to making ends meet with less.
Then when life gets expensive, like when the holidays come around at the end of the year, you can temporarily lower it to free up some cash.