Saving for Retirement a Struggle for Most Americans

Less than a third are able to save their ideal retirement savings target of 6% to 19% of income, a Scottrade survey found.

The bulk of Americans’ income, 21%, goes toward their mortgage and other debt, according to  Scottrade’s survey, conducted in June. In fact, while respondents said they would like to spend less, use coupons and comparison shop, these efforts are all down from a peak in January 2012, back to levels last seen in January 2011. Sixty-four percent are spending less, down from 69% in January 2012; 60% are using coupons, down from 67%; and 61% are comparison shopping, down from 65%.

“Americans are trying to balance their savings goals with everyday expenses,” said Kristin Grupas, assistant director of client education at Scottrade.

Fortunately, 65% of those polled in June said they are working with a broker or professional financial adviser, and nearly half of this group rated their confidence in their ability to plan for retirement as “good” or “very good.”

Synovate conducted the survey for Scottrade between June 7 and 12 among 1,000 people aged 18 and over who said they are involved in making investment decisions in their households.