Survey shows saving for retirement is still a persistent struggle.

A recent survey has revealed that despite having a positive outlook on their retirement years, a majority of retired individuals rely heavily on Social Security as their main source of income. After years of hard work, many people look forward to enjoying the fruits of their labor during their golden years. However, a survey conducted by the Employee Benefit Research Institute has shed light on the challenges that come with this stage of life.

One of the biggest issues facing Americans as they plan for retirement is the difficulty of saving enough money. According to Teresa Ghilarducci, a professor at the New School for Social Research, this is a problem that has persisted for decades. She explains, "Half of Americans do not have retirement accounts through their jobs, and this trend shows no signs of improving." Ghilarducci goes on to highlight the two main obstacles when it comes to retirement savings - finding the discipline to save and deciding where to invest those savings.

In fact, Ghilarducci believes that the retirement problem in the U.S. is unique and "very American." She points out that in other countries, the responsibility of providing for retirement falls mostly on the government, whereas in the U.S., it is largely placed on the individual. The professor also notes the role that employers play in this issue, particularly with the rise of gig and contingent work. She explains, "Companies like Amazon have a business model that only keeps workers for a short period of time, adding to the uncertainty and insecurity surrounding retirement savings."

Despite these challenges, Ghilarducci offers a potential solution to the retirement problem. She suggests that instead of relying solely on 401 accounts, there should be a system in place where for every Social Security credit earned, individuals also receive a financial credit in a retirement account. This would help bridge the gap between what is currently offered by employers and what is needed for a comfortable retirement. As Ghilarducci puts it, "We need a system that takes into account the reality of workers' situations and provides a more solid foundation for their retirement savings."

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