Living costs squeeze retirement plans

Living costs squeeze retirement plans

REUTERS

May 14, 2006

BOSTON – As Americans paid more to drive in the last six months, three out of four said higher living costs prevented them from saving more for retirement, according to a study released last week.

Americans already face gloomy retirement prospects, with 83 percent acknowledging they don't save enough, as experts calculate most people will have to get by on 43 percent less money when they stop working full time.

Now, with gasoline prices hovering above $3 a gallon, many people face an even tougher struggle, according to Fidelity Investments, which conducts the survey twice a year.

The Fidelity Retirement Index, which analyzes American households' overall retirement readiness, found that among Americans whose savings plans were pinched by higher living costs, nearly one in two had to cut the amount they regularly save for retirement.

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http://www.signonsandiego.com/uniontrib/20060514/news_1b14fidelity.html

prices have nothing to do with it.

online. I don't even know what was advertised. And at the end I was "telling" her to put some money into saving..