Are you failing to grow your nest egg? You're not alone.
According to a recent Bankrate.com survey, most Americans admit to having financial regrets, and for one in five, the biggest is not saving enough for retirement.
"Inadequate savings looms large among Americans' financial distress," said Bankrate.com Chief Financial Analyst Greg McBride, CFA. "Whether it's saving for emergencies or retirement, Americans' biggest financial regret is not saving enough."
The latest COUNTRY Financial Security Index had similar findings among those that have already hit retirement age.
“Many retirees underestimate the cost of their basic living expenses in retirement, and as a consequence spend more of their nest egg just to get by," Joe Buhrmann, manager of financial security at COUNTRY Financial said.
"We also see that some current retirees do not have enough to afford the things they want to do in retirement.”
The survey found travel, working less and having more free time to spend with loved ones are what most Americans look forward to in retirement.
