Most American employees are falling quick in the case of saving for retirement. As analysis has proven, financial savings tendencies are getting worse. This shortsightedness prices Individuals $1.7 trillion in retirement financial savings. Ben Steverman writes on Bloomberg: “You’re touring throughout the desert, feeling parched and searching soiled. You’re taking a protracted drink of water out of your canteen, then wash your face with the remaining. As you’ll uncover earlier than you die of thirst in a day or two, you simply made an enormous mistake. Exterior of cartoons, no person is that this silly. However individuals make the identical type of mistake on a regular basis, placing their present happiness (holidays, flat screens, new automobiles) approach above their future well-being. Economists name this type of irrationality ‘current bias.’ And based on a Nationwide Bureau of Financial Analysis research, it and different biases are holding again tens of millions of Individuals from saving sufficient cash for that final future want: retirement. How a lot cash? Strive $1.7 trillion on for dimension. That’s 12 % of the $14 trillion in U.S. particular person retirement and 401(ok) accounts.” (bloomberg.com)