CHARLOTTE, N.C. — An AARP survey found more than 25% of adults who are not yet retired say they expect to never retire. The survey also found that 61% of adults ages 50 and older don't think they'll have enough money to last in retirement.
Indira Venkat, the Senior Vice President of Research at AARP said there are several reasons for that.
“One of the barriers is access to your retirement accounts at work," Venkat said. "In fact, half of the private sector workforce, that's 57 million, do not have the option to save via a paycheck.”
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Another reason is higher prices for almost everything.
“Although inflation has cooled in the recent past, the lingering effects of higher prices, they're seeing in the grocery store, or at the pump. And so that's that ... the everyday expenses. And then there's also housing costs, be it mortgage or rent, they have gone up. All of these collectively are chipping away at people's ability to save or even bring down debt,” Venkat said.
So how can you start saving?
Venkat says if you have access to a 401K at work, take full advantage of it.
“At least contribute to the max that you get the most out of the employer match, because that essentially is free money.”
If you don’t have access to a 401k, she said there are still ways to put away money.
“Look at investment options. Again, this is very individualized, you need to be educated about it. But the notion of putting away and consciously setting aside the money ... if it helps, name the account so it motivates you.”
As far as how much you should be saving each month, Venkat said it all depends on what you want to do with the money and "the lifestyle you wish to have in retirement."
Venkat said planning is important. She suggests figuring out your goal, then setting a plan and being intentional about following through.
AARP offers resources to help with saving for retirement.
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