Many of us aren’t saving enough for retirement. But there are ways to fix this
Summary
Many people worry they are not saving enough money for retirement. Experts say saving more often means either making more income or spending less money. There are practical steps like negotiating pay, starting a business, cutting small expenses, or adjusting lifestyle choices to help save more.Key Facts
- Nearly half of the current generation is delaying retirement due to higher costs and stagnant wages.
- A Gallup poll shows 69% of workers fear they are not saving enough for retirement.
- Costs like healthcare, rent, and groceries are rising, sometimes faster than wages.
- Increasing income can be done by negotiating pay, changing jobs, starting a business, or learning new skills.
- Reducing expenses includes cutting small regular costs like coffee or subscriptions and rethinking big expenses like vacations or leasing cars.
- Using financial tools like whole life insurance, 401(k)s, Roth accounts, and health savings accounts can help build savings.
- Automating savings and monitoring spending can encourage better money habits.
- Choices about lifestyle and spending are important factors in preparing financially for retirement.
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