Saving for retirement is one of the most important things to do with your money. Unfortunately, most Americans are simply not doing a very good job saving. In fact, according to a recent Northwestern Mutual survey, more than one in five Americans have less than $5,000 set aside for retirement, and 15% have nothing saved for retirement at all. It's not just young people with too little savings, either. In fact, 17% of Baby Boomers don't even have $5,000 earmarked for retirement even as 10,000 Boomers turn 65 every single day.
Saving for retirement is an imperative because Social Security pays far too little to support you as a senior. Unfortunately, most Americans have lots of excuses for not putting aside the recommended 10% or more of income for retirement. While some of the reasons for not saving may indeed seem valid, that won't help you when you're a broke senior -- so it's important to overcome the things that are holding you back from saving enough.
How can you do that? Let's take a look at some common reasons people don't save for retirement -- along with some ways to overcome these obstacles so you can invest in your future.