EDITORIAL: Make Saving a Priority
Not that we are flippant about this. As CNBC.com wrote: "A whopping 46 percent of adults surveyed by Bankrate about their biggest money mistakes wish they had squirreled more away, whether for retirement, emergency expenses or their children's educations." But, as we all know, there are bills to pay, and the kids need braces, and we really needed that new car, and we can't miss out on that vacation; saving for the future can wait for, um, the future.
Meanwhile, saving is not as easy as it used to be. Not all that long ago, many workers had defined pension plans through which their company would set aside money for a guaranteed payment upon retirement. With such plans largely disappearing, the impetus is upon employees to prepare. But in
Because of that, the state
Retirement plans allow pre-tax money to be taken out of paychecks and invested for long-term growth, and the need is evident. According to the
Theories vary about the amount of money that should be saved, but one rule of thumb goes like this: By age 50, you should have five times your annual salary in retirement savings; by age 60, you should have seven times your salary socked away. Another rule of thumb suggests setting aside 10 percent of your salary for investment in savings.
With Americans woefully unprepared for retirement, the
With few workers adequately saving for the future, millions of Americans will find themselves relying solely upon
Participation in
Because, as it stands now, Americans are not very good about saving for the future. And many of us will suffer for that in our later years.
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