How to Overcome Barriers to Retirement Security

How to Overcome Barriers to Retirement Security

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Many people face uncertainties and fears about their own retirement when it should be a well- deserved rest after a lifetime of hard work. A lack of planning may result in apprehensions and stress. There are plenty of obstacles Americans claim are in their way when it comes to saving for retirement: credit card debt, student loan debt, low wages, the need to save for a child’s college education, and the list goes on.

But the harsh reality is that 1 in 3 Americans have saved literally zero dollars towards their own retirement, and there is clearly a need to change that. 

Some of the major obstacles people run into when it comes to retirement savings are as follows:

Lack of a retirement plan

Just 53% of American workers participate in any type of retirement plan at work, according to recent information from the Bureau of Labor Statistics. Breaking this big stat down further shows that part-time and low-income workers, as well as employees of small establishments, are the most vulnerable for not having a plan. 

Consulting with a financial advisor could help to identify your various alternatives. Whether it’s an IRA or another investment, there are many options available. 

Lacking enough income to save

If you’re spending all your money on daily needs, maybe it’s time to reevaluate your monthly expenditures, and see where you could find some money to put away in savings. Some employers and financial institutions also offer financial wellness programs which could help you.

Financial literacy

Not having basic financial know-how and ways to solve essential money issues is a major barrier to creating a long-term financial plan, especially when it comes to retirement. 

In a Retirement Income Literacy Survey conducted for The American College of Financial Services last year, 80% of the respondents received scores of 60 or lower on financial questions about retirement. Just 20% received what amounted to a passing grade. 

Spending the time to gain essential financial knowledge, whether it be basic or more advanced, is always recommended and will pay off in dividends long term. And having a strategic plan for retirement that you can work steadily toward will only bring about more and more security as you approach your retirement years. 



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC


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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website:

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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