This is why Americans don’t save — even when they know better The journey to retirement can be perilous Americans know they need to save for retirement, but find it difficult to do so. Todd Kunsman started preparing for retirement in 2011, only a year out of college, but he didn’t take it seriously until three years later. He had been contributing to a 401(k) plan, but not enough for a match. He’s moved companies twice since then, and has rolled his assets into an individual retirement account. At his current job, a startup, he doesn’t have a defined-contribution plan, but he maxes out a Roth IRA. “For me, a Roth IRA of $6,000 a year is really not enough,” he said. Kunsman, who is the blogger behind Invested Wallet in addition to his full-time job in marketing, is saving about 60% of his income and working a side hustle. His goal is to retire in his 40s, if he chooses to by then. He’s had to overcome numerous hurdles first, including paying down student loans, increasing his income, learning more about investing and putting away retirement savings while also living on his own and paying off his car. “I left money on the table without realizing it because of my financial illiteracy at the time,” he said.