Participants may want to save more for retirement, but other financial priorities often get in the way.
Juggling multiple financial goals
Most participants are being pulled in multiple directions, and so is their income. In addition to paying off debt, they’re saving for a number of short- and long-term goals other than retirement.
Vacations or travel is the top participant saving priority, while their mortgage is the debt they most want to disappear1. These competing priorities prevent them from saving more. It’s true for people at all life stages and income levels.
Providing participants with education, tools, and support around managing competing priorities and maximizing their dollars every day can ultimately help them meet their needs both today and in the future.
1 Lincoln Retirement Power® Participant Study, 2017.