Credit card debt is stopping people from saving

Far too few young adults save enough for their retirement years

SPRINGFIELD, Mass (WWLP) – Here is a New Year’s resolution worth keeping; running up less on your credit cards, and saving regularly for retirement.

Financial Adviser Mark Teed believes far too few young adults save enough for their retirement years. Teed said it’s never too early to pay yourself as a first step in preparing for retirement security.

Teed told 22News, “Take 10% of your income, put it aside, 401K plan save it, or if you literally have to write yourself a check, investment house of mutual fund, you’ll never have to worry about money if you do that.”

He said he’s concerned about people who owe thousands on their credit cards on top of the money they spent on gifts for others during the holiday season.