Are you saving more money for your golden years?
If you’re saving a lot less this year– you’re not alone.
According to a new survey, fewer Americans are increasing contributions to their retirement savings compared to last year.
The Bankrate report found fewer than one-third of working Americans, about 29% increased contributions. While 16% of those surveyed lowered their contributions compared to last year.
Income level was the biggest factor in determining whether someone increased or decreased their contributions.
According to the survey, the highest earners who made $75,000 or more were twice as likely than the lowest income households to increase contributions this year.
On the flip-side, the lowest earners were more than four times as likely than the highest earners to be saving less this year.
Age also played a role, older millennials between the ages of 30 to 38 being the most likely to increase their retirement savings.
While workers 65 years or older had the tendency to decrease their contribution.
So why are people saving less?
Nearly one in four people surveyed said they felt comfortable with the amount they were putting away, another reason was stagnant or decreasing income, while others said they were focusing on another financial priority.