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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years<\/strong> Trusted by<\/strong> Many Americans are struggling to save for retirement, even if they have access to a workplace retirement plan. Schwab\u2019s annual survey of 401(k) participants<\/a> found that there are a number of obstacles savers are facing in 2025 that are making it difficult to achieve their desired retirement nest eggs.<\/p>\n Here\u2019s a look at the top obstacles 401(k) users are facing when it comes to saving for retirement \u2014 and what they can do to get over them<\/a>.<\/p>\n Inflation Is Undermining Retirement Goals<\/p>\n Inflation is the primary obstacle to saving for a comfortable retirement, with 57% of survey participants stating that inflation is making it difficult to reach their goals. <\/p>\n<\/p>\n To keep up with retirement savings despite inflation, you may need to adjust your budget<\/a>.<\/p>\n \u201cInstead of pulling back on 401(k) contributions, workers are reducing nonessential spending,\u201d said Lee McAdoo, managing director at Schwab Retirement Plan Services. \u201cForty percent told us they\u2019re buying less, and 39% are switching to cheaper products.\u201d <\/p>\n If adjusting your spending doesn\u2019t move the needle enough to save what you want for long-term goals, you may need to adjust your retirement savings target.<\/p>\n \u201cSome are moderating expectations around what they will actually need in retirement,\u201d McAdoo said. \u201cIt\u2019s healthy to periodically reevaluate your needs and make sure that your current habits and goals are aligned with your lifestyle, especially as you get closer to retirement.\u201d<\/p>\n Everyday Costs Are Squeezing Retirement Contributions<\/p>\n Over one-third (38%) of 401(k) participants say that it\u2019s difficult to keep up with monthly expenses and save for retirement<\/a> at the same time.<\/p>\n \u201cIt\u2019s common for workers to be juggling multiple financial priorities,\u201d McAdoo said. \u201cStarting with a few fundamentals can make saving feel more manageable.\u201d <\/p>\n First, aim to contribute enough to your 401(k) to receive the full employer match if one is offered.<\/p>\n \u201cIf you are able to save more while still keeping up with monthly expenses, consider bumping up your savings rate \u2014 even a 1% or 2% increase can make a big difference over time,\u201d McAdoo said. \u201cMost 401(k) plans offer automatic escalation, so you can set an annual increase when you get a raise, for example, and bump that contribution a bit before you ever notice it in your paycheck.\u201d<\/p>\n<\/p>\n Market Swings Are Difficult To Navigate<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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