In celebration of America Saves Week 2012, we reflect on the importance of saving money. Simply put, Americans don’t save enough money and rely too heavily on borrowing. A 2010 study showed more than 40% of Americans have less than $10,000 saved for retirement. Worse, more than 50% of Americans haven’t calculated how much they’ll need to save before they retire. As a result, workers are forced to delay retirement and work longer into their golden years.
But It’s Not Fun to Think About Getting Older!
Don’t think about retirement as something to be feared, but embraced. This is when you’ll get to kick back and relax. What kind of lifestyle do you envision for yourself in retirement? What family obligations and bills do you expect you’ll still need to pay? Carefully consider and establish short and long-term savings goals to ensure you are saving enough to retire comfortably and on time.
What Can You Count On?
Social Security benefits and pensions are usually enough to cover most of what is needed during retirement, but in most cases not enough to cover it completely. Depending on the retirement lifestyle you wish to live, professionals recommend saving at least 6% of your salary over the course of your lifetime. If you intend on living more than modestly throughout your retirement, you can bet you’ll need to save more than 6%.
How Can You Save?
High unemployment and the increase in the cost of living, makes it harder for most people to save than it is in good economic times. These days, many Americans are struggling to save because there doesn’t seem to be any money leftover after all the bills are paid. But it can be done – you just have to find more creative ways to save money. Check out this list of 30 creative ways you could save money by taking control of your spending. Learn more savings tips or try out our savings calculator on our website.
Let’s Hear From You
Even though times are hard, there are ample ways to save. Let’s hear what some of your tips are on how to save. What’s worked for you? Share your ideas below!