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High debt can make saving for retirement difficult

Having high debt can have the potential to have a variety of negative effects on a person. One such possible negative effect is that it can make it more difficult for a person to save for their future retirement.

High debt may be one of the things behind the difficulties workers here in South Florida have been having when it comes to saving for retirement. A Fidelity Investments survey indicates that South Floridians are well below the national average when it comes to the size of their 401(k) retirement accounts. According to the survey, as of March’s end, the national average for amount in such accounts was $91,800. Meanwhile, the survey indicated that the average amount in such accounts for individuals in South Florida (Miami-Dade County, Palm Beach County and Broward County) was a mere $76,700.

There are several factors that economists in the area postulate are contributing to this lower level of retirement savings in South Florida. One such factor is high levels of personal debt.

Do you think saving for retirement is, generally, more difficult here in South Florida than it is in most of the country? What do you think is the biggest roadblock to building up strong retirement savings here in South Florida? How big of a role do you think high personal debt levels are playing in the retirement savings struggles individuals here in South Florida are experiencing?

Given the many financial difficulties that high debt can lead to a person facing (including struggles with building up sufficient retirement savings), it can be a very tough situation for a person when they have a very high amount of debt. Experienced debt relief and bankruptcy lawyers understand how financially crippling high debt can be to a person and can help individuals who have overwhelming levels of debt understand what sorts of options they might have for trying to get out of the tough financial situation they are in.

Source: Sun Sentinel, “Retirement savings smaller in South Florida,” Donna Gehrke-White, May 22, 2015

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