A major national insurance company has released new survey data showing that many Americans are worried about "losing ground in their efforts to save for retirement."
According to the data, 56 percent of respondents worry about keeping up with contributions amid ongoing financial turmoil.
Since many employers are cutting back on benefits, salary and hours, some employees are also concerned they will stop matching retirement contributions. Over half (53 percent) of those surveyed are afraid this scenario will transpire.
Given their concern about nest egg savings, some Americans may also thinking about their ability to pay for life insurance and long-term care - two other concerns that many people begin planning for during middle age or even earlier.
Financial instability has caused a number of individuals and families to rethink their savings plans. Some have been foregoing retirement savings in order to pay for their kids' college education - a risky move say many experts who advocate maintaining 401(k) and other retirement contributions.
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Posted: June 15, 2009
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