Thevery existence of separate rainy-day accounts enforces disciplinein recognizing what savings can and can't do. (Image:Shutterstock)
People are having a tough time saving—for health care, forretirement, for emergencies—especially since so many are livingpaycheck to paycheck and bending under theweight of student debt, credit cards and other financialobligations.
Retirement in particular is endangered by employees' failure tosave, since in times of financial trouble they tend to turn totheir retirement accounts (if they have any) for a financialbailout. In fact, according to a study from the National Bureauof Economic Research, for every dollar that manages to make it intoa 401(k) or similar account, between thirty and forty cents "leaksout before retirement."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
