One step forward, two steps back. While Americans are saving more for retirement, many are also going even deeper into debt. The treadmill is starting to run in reverse. Over 60% of workers participating in an employer sponsored retirement plan accumulated more debt than they contributed to their retirement savings between 2010 and 2011, according to research conducted by HelloWallet.com.
The study looked at data from the Federal Reserve and the U.S. Census Bureau and found that one in five participants in 401(k) retirement plans particularly added more credit card debt to their family balance sheet than they contributed to retirement savings.