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Monday
Aug192013

Retirement Savings Fall Flat, Survey Finds

Rosemary Calvert/Photographer's Choice RF(NEW YORK) -- Most Americans aren't saving any more money for retirement than they were last year, a new survey from Bankrate.com finds.

"Only 18 percent of Americans are actually saving more for retirement now than they were last year," says Greg McBride, a senior financial analyst for Bankrate.

He adds that a similar percentage of consumers are saving less.

"They don't have a whole lot of extra money laying around.  Wages are flat particularly when adjusted for inflation but they're not really in a position where they can ramp up their retirement savings from one year to the next," he explains.

Despite that, however, McBride says that many Americans feel more financially secure than a year ago.

"We've seen six consecutive months where people feel their financial security has improved," he notes.

Copyright 2013 ABC News Radio