The biggest issue that gets in the way of saving for retirement

The biggest issue that gets in the way of saving for retirementThe biggest issue that gets in the way of saving for retirementRecent data from Schwab Retirement Plan Servicesshows that 40% of Americans say that paying for unexpected expenses like home repairs gets in the way of paying for retirement.In terms of how the research was carried out,Logica Research polled 1,000 American workers between 25 and 70, who are putting money away for retirement in their 401(k)s. They are all employed at workplaces with 25+ employees that have 401(k) plans.What makes it harder to save for your Golden YearsHeres how Americans weighed inPaying for unexpected expenses like home repairs 40%Not willing to sacrifice things that add to my quality of life (occasional dinners out and vacations) 34%Paying off credit card debt 31%Needing enough money to pay basic monthly bills 28%Saving/paying for my childrens education 28%Having medical bills to pay 27%leise paying off student loans 15%I dont know how to pl an for retirement 12%Other 11%The top three ways that Americans save or invest for retirement are investing in my 401(k) at 98%, saving in a savings account at 61% and investing in an IRA at 46%.But while 80% of people say that their 401(k) is in better shape today than ever before, 72% think that they are on top of the investments they make in their 401(k), and 71% say theyd like personalized advice about it.What Americans which they hadnt spent as much money onWhile 64% of people surveyed said that they would sacrifice items in past to save more for their Golden Years, 36% disagreed.Of those who wish theyd cut back on their spending, heres what they wished they didnt dole out as much cash onMeals out 55%Expensive clothing 31%New cars 28%Vacations 28%Buying the newest tech gadgets 26%Living in my desired area/home 17%Expensive wedding(s) 15%Taking out student loans for myself 12%Helping child with student loans 10%Private school for children 8%Other 4%None of the above 10%Steve And erson, executive vice president ofSchwab Retirement Plan Services, Inc., commented on the research in a statement.The survey shows that if given the chance, many Americans would have spent differently on short-term pleasures, especially compared to spending that supports their families long-term happiness and success. Moreover, participants understand the value of their 401(k)s and the importance of saving for retirement, but the findings suggest that they need guidance to prioritize their financial obligations and make the fruchtwein of their assets. While there may be hurdles along the way, having a written financial plan can help workers make decisions today with an eye towards the future, he said.What people use their extra money forWhile 72% of Americans say that they have paid their bills and have extra cash sitting around at the end of the month, 22% said they dont, and 6% say they are behind on bills.But specifically, here are the five most popular things people do with the ir extra money when the end of the month comes aroundI keep it in a rainy-day fund 41%I save for a vacation 38%I pay down debt 23%I invest in the markets 21%I put it towards my 401(k) 19%