Americans failing to save adequately for retirement

Report s show that many Americans have not saved enough money for retirement, in addition to which the official retirement age continues to go up...by the year 2027 retirees will have to be 67 years old before they can claim full Social Security benefits.  Corporations, local government and other institutions peg retirement age to the Social Security standard, so the prospect for many is working longer.

56% of Americans polled about retirement savings say they started to save too little too late, and many said they scaled back their savings to give their children a better life.  After everyday expenses, there is just not enough left to save.

Advice from those in the financial know how is to avoid at all costs taking cash out of the market because you miss out on future gains and compounding, plus you pay penalties for early withdrawals. They suggest diversifying investments into safer areas such as bonds and cash as you near retirement.