Retirement savings crisis: what can you do?

Retirement savings crisis: what can you do?

Posted: Updated:
MYFOXNY.COM -

Derek Jeter, David Letterman, and Barbara Walters are retiring soon. They certainly don't have any concerns about having saved enough money. But obviously most Americans are not in the same position.

Ross Kenneth Urken of TheStreet.com says Americans are not programmed to save for the future. We're programmed to pay for what we need now. Plus, wages have remained stagnant since the crash in 2008 making it more difficult for people to save.

So, if you're in your 40s or 50s and haven't saved for retirement, what can you do? Urken says a Roth IRA is an option. You can put in $5,500 a year if you're single and make less than $127,000 a year or if you're a couple and make less than $188,000 a year. When you retire, the distributions from your Roth IRA are tax-free.

Urken also suggests investing, if you can, in mutual and index funds that are conservative and low-risk. He says after most Americans retire from one job, they will have to work at another. And if you do, a lot of people will be joining you.

The U.S. Census Bureau says the elderly population will more than double by 2050, to 80 million people. As many as 1 in 5 Americans could be elderly. And most of this growth will occur by 2030.

Urken says there is a benefit, though, to working beyond the age of 62 and delaying Social Security.

 

  • Local NewsLocal NewsMore>>

  • Suspect, rookie officer both wounded in gunfire

    Suspect, rookie officer both wounded in gunfire

    Sunday, August 31 2014 10:11 PM EDT2014-09-01 02:11:38 GMT
    Authorities say an early morning gunfire exchange on a Brooklyn street has left the suspect hospitalized and a police officer with a graze wound.
    Authorities say an early morning gunfire exchange on a Brooklyn street has left the suspect hospitalized and a police officer with a graze wound.
  • New MTA bus routes take effect

    New MTA bus routes take effect

    Sunday, August 31 2014 9:51 PM EDT2014-09-01 01:51:36 GMT
    MTAMTA
    The MTA has new bus routes throughout the 5 boroughs. 
    The MTA has new bus routes throughout the 5 boroughs. 
  • 3 hurt in lightning strike as storms batter NYC area

    3 hurt in lightning strike as storms batter NYC area

    Sunday, August 31 2014 9:47 PM EDT2014-09-01 01:47:41 GMT
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices