5/19/2014 – Why many Americans can’t save for retirement

Poor people would save more money if they could.

So concludes a new study that found that only 12 percent of low-income older Americans put money in a 401(k) or other retirement plan. The research, from Boston College’s Center for Retirement Research, looked at people who were between 50 and 58 years old and had household incomes of three times the poverty line. In 2010 that was less than $36,357 for one person and less than $46,800 for two people.

Read the full article at CBS MoneyWatch.