20% Of Near Retirees Have No Savings To Their Names - 47 ABC - Delmarva's Choice

20% Of Near Retirees Have No Savings To Their Names

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47 ABC - Saving money is hard. Especially in a tough economy. Which may explain why 20 percent of those on the brink of retirement, ages 55 to 65, have no money saved, according to the federal reserve.

It's easy to blame individual overspending, but since the Great Recession hit in 2008, many businesses have reduced hours, cut employees, and stopped offering retirement incentives. Relying on pensions is becoming a thing of the past. And as far as a promising social security, one local man in his late twenties says, "I'd be surprised if social security was still around when I'm ready to retire."

Timothy Gonzales, a financial adviser for PKS, says "if you look at social securities website, they'll tell you right now that social security may be insolvent in 2034. That's not too far off for a lot of us.

Those ages 45 to 59 had the highest percentage who said they never plan to retire, or retire and then find a part-time job.

Gonzales says no matter how late in the game it is, you can still find ways to save that green. "Every single dollar that somebody saves is a good beginning. Even if they're 60 years old, they haven't saved yet, today is the day to start doing that."

And spending according to needs, not wants, is key.

Gonzales says it is never too early to start saving for your retirement. If your company does not offer any kind of retirement compensation, then you should open an IRA. Also, he highly recommends having an emergency fund with 3 to 6 months of savings, so you don't rob your retirement plan or IRA.

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