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Consumer credit counseling services can help add to retirement growth, as amount saved seen as most important
By Edith Barlow on May 29th, 2010
A recent reports shows that when it comes to retirement savings, how much a consumer sets aside may be more important than market volatility.
According to the Principal Financial Group study, the amount a worker saves in their retirement fund is forerunning factor in determining the success of their efforts. However, the company did note that the performance of their investments and where they put their funds also play key roles.
"Our analysis shows that the main driver of account balance size over time is the participant’s rate of salary deferral," Tim Minard, senior vice president of retirement and investor services for the group, said. "That involves the critical challenge of motivating participants to change behavior."
One option consumers may consider when trying to set aside savings for retirement is consulting with a consumer credit counseling organization. These firms can help by establishing a monthly budget that takes into account a person's income and expenses.
Based on that plan, consumers may be able to also divert additional funds into their retirement savings through reducing their discretionary spending.
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