401(k) or fill up? High gas prices force tough tradeoffs

Here’s a startling statistic for you: 21 percent of Americans with incomes over $100,000 say they’re putting less money away for retirement because of higher gas prices, according to a survey released earlier this week.

To those of us who dispense financial advice for a living, that seems a mite shortsighted—unless, of course, the folks in question have already cut their spending in every other way possible. For example:

• If you’re looking to spend less on gasoline, here’s our auto experts’ latest advice from ConsumerReports.org.
• For a roundup of ways to save on gas plus other products and services, some suggestions from the Consumer Reports Money Adviser newsletter.
• From our environmental Web site, GreenerChoices.org, this advice on wringing more use out of the things you already own.

Need another reason to keep saving for your retirement years? Just think of what a gallon of gas could cost by then! —Greg Daugherty

Greg writes the “Retirement Guy” column each month for the Consumer Reports Money Adviser newsletter.