Money Minute: Are you saving enough for retirement?
PITTSBURGH (KDKA) — We all dream of retiring, but are you doing enough now to make sure you can enjoy it when the time comes?
KDKA-TV money editor Jon Delano explores that in this week's Money Minute.
Are you saving enough for your retirement? You really don't want to be among the 40 million households that have no savings at all.
The general rule is that by the time you're 30 years old, you should have set aside one year's salary in a 401K, IRA or some other savings vehicle. By age 40, save three times your salary, and by the time you retire, you should have saved 10 times your annual income.
That's really hard to do. The Center for Retirement Research says the median savings for someone between ages 55 and 64 is $120,000, meaning half have more and half have less.
It's never too late to get started. Be sure to take advantage of the matching funds from your employer if they offer it. And if they don't, set up your own IRA anyway.
