💰 Do you have enough money for retirement? 🌴 Saving requires a bit of willpower 💰 Follow these tips from one NJ financial expert Nearly 57% of Americans in the workforce say they are behind where they should be with their retirement savings, while 22% say they are right on track with their retirement savings, and 15% say they are ahead of where they should be, according to a new Bankrate survey . Why do people feel behind in their retirement savings? Ken Kamen, managing director at CW Advisors Group in Hamilton, said people are trying to gauge on how they’re going to feel in the future based on how they are feeling today. People often straight-line their spending of what they’re spending today the way they’re going to spend in the future.
However, the main reason why he believes people feel behind is due to inflation, which this nation has not seen in decades. People are used to not seeing that sticker shock. So, now they’re wondering if they’ll have enough money for the future.
This is the beginning of their anxiety as they realize that inflation is real, he said. Older New Jerseyans are familiar with inflation, having gone through it in the 1970s and 1980s, so it’s not a new concept. Due to that fear of inflation, many probably already saved more money.
People often feel behind because they experience a tug-of-war on current spending. Kamen said many times they feel guilty about going out when they shouldn’t. Going out each night or spending frivolous.
