A new survey by the investment giant BlackRock suggests tens of millions of Americans still haven't started saving for their retirement, and only 45 percent of those surveyed feel "confident" in their ideal retirement savings. According to BlackRock president Rob Kapito, it's a big problem.
"People don't think about retirement. They kick the can down the road. And now that we know that people are living longer, they have not saved or invested enough for the last 10 to 14 years of their life. Why aren't they doing that? High cost of living, housing costs, health care costs. And a lot of parents would rather spend on their kids today than save for the retirement for themselves," Kapito told "CBS This Morning" co-host Bianna Golodryga.
He said people also make many excuses, such as, "It's too complicated, there are too many choices. But we need to create awareness that you cannot invest for the future in the future," Kapito said. "And this is going to be a growing problem in this country. So we try to do surveys, create technology, create tools so that people can get educated."
Among the top financial concerns of those surveyed were the high cost of living (56 percent), health care costs (49 percent), tax increases (30 percent), and housing costs (26 percent). Kapito pointed to the increase in uncertainty when it comes to health care in retirement.
"When you're older, you'll probably have more health care costs. So therefore, it's another reason to save," Kapito said.
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