Financial advisers: Don't tap into retirement savings to pay down debt - Rockford Register Star(Money Before Payday)
Fewer Americans are saving for retirement, as they deal with immediate worries about money, according to a study done in February by the Transamerica Center for Retirement Studies . Forty-nine percent who gave themselves a loan said they needed to pay off debt, compared with 27 percent the year before. When asked what was holding workers back from saving more money for retirement, 25 percent replied, “too much debt – need to pay it off,” compared with 16 percent the previous year. More than 30 percent of those questioned said paying off debt was their top goal, compared with 18 percent in 2006. Just 59 percent of those questioned were confident about their retirement incomes, down from 75 percent in 2006; 48 percent believe they’re stashing away enough retirement savings, a sharp drop from 65 percent. Learn more
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