A new survey shows many Americans are failing to save for their retirement, and it's not only because of debt.
Twenty-percent of working Americans are not saving anything all for retirement. Some say they don't earn enough to save, others did blame debt. But more than a third admit spending on other things.
“About one-in-six say they haven't gotten around to it, and I think that really shows what's wrong with savings, it's not the top priority,” says BankRate.com's Greg McBride.
He urges young people to save what they can, because a little now goes a long way later on.
“For people who are just entering the workforce now, every $1,000 you save now at this stage of your career could easily be $15,000 by the time you retire,” says McBride.
However, more millennials and baby boomers are already saving the recommended 15 percent over the majority of American workers.
McBride suggests automatic payments to your 401k or an IRA, that way you're not tempted to spend it.
“Set up a direct deposit from your paycheck into a dedicated savings account, sign up for your workplace retirement savings program so that money comes out of your paycheck before you see it.
You can even sign up for automatic monthly contributions to an IRA, a retirement account, and have that linked directly to your checking account.”