Remember the Pogo cartoon?
Well, according to the NY Times, most Americans are accumulating debt faster than they are accumulating savings for retirement. Remind you of anything in the news recently…. say, the National Debt?
Most Americans accumulating debt faster than they’re saving for retirement
By Michael A. Fletcher, Published: October 23
A majority of Americans with 401(k)-type savings accounts are accumulating debt faster than they are setting aside money for retirement, further undermining the nation’s troubled system for old-age saving, a new report has found.
Three in five workers with defined contribution accounts are “debt savers,” according to the report released Thursday, meaning their increasing mortgages, credit card balances and installment loans are outpacing the amount of money they are able to save for retirement.
For more of the article: http://www.washingtonpost.com/business/economy/many-americans-accumulating-debt-faster-than-theyre-saving-for-retirement/2013/10/23/b7a9c85e-3b3e-11e3-b6a9-da62c264f40e_print.html