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Today, only 43 percent of Americans have calculated how much they need to save for retirement. In 2005, of those who had 401(k) coverage available, 25 percent did not participate. Although today in 2010 because of the recession, many employers do not offer any type of benefits. Since the average American spends 20 years in retirement, putting money away for retirement is a habit we can all live with. The US Department of Labor has put together a list with helpful ways to protect seniors as they approach retirement.
Know Your Retirement Needs
Retirement is expensive. Experts estimate that you’ll need about 70 percent of your preretirement income – lower earners, 90 percent or more – to maintain your standard of living when you stop working. Take charge of your financial future.
Find Out About Your Social Security Benefits
Social Security pays the average retiree about 40 percent of preretirement…
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