Most American employees are falling quick in terms of saving for retirement. As analysis has proven,  financial savings tendencies are getting worse. This shortsightedness prices People $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 remainder. As you’ll uncover earlier than you die of thirst in a day or two, you simply made an enormous mistake. Outdoors of cartoons, no one is that this silly. However individuals make the identical form of mistake on a regular basis, placing their present happiness (holidays, flat screens, new automobiles) means above their future well-being. Economists name this sort of irrationality ‘current bias.’ And in line with a Nationwide Bureau of Financial Analysis research, it and different biases are holding again thousands and thousands of People from saving sufficient cash for that final future want: retirement. How a lot cash? Attempt $1.7 trillion on for dimension. That’s 12 p.c of the $14 trillion in U.S. particular person retirement and 401(ok) accounts.” (bloomberg.com)