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Most Americans struggle to save for retirement


The idea of retirement in the U.S. often conjures up images of fit seniors strolling along the beach, enjoying a leisurely round of golf or perhaps sharing a meal in an exotic locale. For most people, however, the reality is far less glamorous.

Seven of 10 Americans who haven't retired yet find it hard to save for retirement while also paying the bills and meeting their basic living expenses, a new CBS News poll shows. Not surprisingly, those earning less are having more difficulty setting money aside. More than 80 percent of people making less than $50,000 a year say it is hard to keep up with bills and save for retirement at the same time, and half say it is very hard.

"There is a segment of the population who cannot afford food and rent and to save for retirement, and they rationally choose rent and food over retirement savings," said Anthony Webb, senior research economist with Boston College's Center for Retirement Research.