If you’re concerned you don’t have enough money saved up for retirement, WOKV’s Consumer Warrior Clark Howard says you are far from alone.
“We’ve had this idea in the United States for about a 50-year period, that you hit a certain age, 60 to 65, whatever, and you just go enjoy your life. But we don’t have the funds, most of us, to be able to do it,” says Howard.
Instead, Howard says the reality for most of us will include working longer than that.
“If you work another couple of years, it changes the math. And, if you’re still in your 50′s think about every dollar you can save instead of spend. That allows you to get to where you want to be in your 60′s. So, if you wait till your 60′s, you’re just going to have to work longer, which is not the end of the world. It’s just not what we’ve wanted,” says Howard.
Howard says in this day and age, we don’t have access to the pensions that our parents and grandparents had, which allowed for very comfortable retirements. He says it’s really up to you to save.
You can get more consumer news and advice from Clark Howard in his latest on-demand podcasts.
Cox Media Group