Many US residents will delay retirement due to lack of savings

Apr 10, 2012

Many people will delay retirement due to lack of savings.

Saving for retirement isn't always easy and according to a BMO Harris survey, most Americans are not confident in their ability to save for what they consider to be an ideal retirement lifestyle. About 57 percent are not confident in this and 52 percent said they anticipate having to delay their retirement or possibly work part time during to help themselves.

"This is a critical wake-up call to everyone, no matter what your age," said Kelli Glynn, managing director and regional senior vice president, M&I Wealth Management, a part of BMO Financial Group. "Our best advice: start now. Get smart about planning and saving for retirement and get educated about the many strategies and tools available to help maximize your savings."

Glynn said to start, people should meet with a professional, start early and commit to saving money even if it is a small start.

Christopher Farrell, economics editor of Marketplace Money, said , people should start looking at their need for a [life insurance] policy, how much coverage they may need and what kind of policy is needed.


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