Report: Most Americans don't save enough, and are putting off retirement

By: NBC/U.S. News and World Report Email
By: NBC/U.S. News and World Report Email

NBC - A Wall Street Journal analysis found that the average couple nearing retirement has less than 1/4th of what's needed in their 401K to retire at the same standard of living.

The average 401K nestegg: about $150,000. That's enough to generate about $9,000 a year in retirement. Experts say there's a huge lesson here for the next generation.

Experts say $1,000,000 translates into between $40,000 and $60,000 a year in retirement.

According to U.S. News and World Reports, the higher paid workers are the ones most likely to contribute to their 401K's. Experts say many baby boomers have bought too much house, and spent too much on children and their lifestyle.

The key rule for younger workers is to live beneath their means.

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  • by Nun Location: Grand Junction on Feb 28, 2011 at 07:29 AM
    Most Americans do not have enough income to save into a 401K. With low wages and ever increasing prices most are lucky to make it till payday. The dream of owning ones own home is becoming more elusive, even the security of employment is becoming a fading dream.
  • by Ray Location: G J on Feb 28, 2011 at 05:45 AM
    It's a good thing that older workers are not retiring any time soon: My wife says her profession can't find younger people who are trainable and have reading comprehension - math skills Etc.
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