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BUSINESS BRIEFING / FINANCES

Economy cuts retirement saving

October 29, 2008|Times Wire Reports

The worsening U.S. economy is leading more Americans to curtail saving for retirement, a new TD Ameritrade Holding Corp. study said.

The economy was cited by 50% of those who said they had stopped or reduced contributions to their retirement plans, said TD Ameritrade, an online brokerage. Unemployment and the cost of healthcare were other common reasons cited, respectively, by 32% and 25% of people surveyed.

Pressure on retirement account funding is expected to grow as fewer U.S. employers offer traditional pension plans and the federal government struggles to shore up Social Security's long-term finances.

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