Americans Missing Retirement Savings Goals Says Merrill Edge Chief

Americans’ best intentions to save money for retirement are not being matched by their actions, said Aron Levine, Head of Merrill Edge. The 2015 Fall Merrill Edge Report shows that 59% of Americans set a goal to save for retirement this year, but only 31% have achieved this goal to date. Furthermore, the respondents in the survey admitted that their finances could have been in better shape recently, with 36% of those surveyed wishing they had stuck more to a budget in the last five years. According to the survey, many Americans postpone savings due to the high value they place in large investments they deem worthwhile. For example, the majority of those who incurred debt to pay for large expenses, such as their children’s education, their own education and cars agree these financial obligations have been 'worth it.' This sentiment is especially prevalent as it relates to real estate where 94% of Americans have no regrets about how much they’ve spent on real estate in the past several years. 'A lot of our clients see real estate as a long term investment, which is probably a good thing,' said Levine. 'There is a confidence that if you buy a piece or real estate now that over time it will appreciate and you are actually getting an investment as part of it.'