Retirement savings crisis: what can you do? - New York News

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>>

  • CEO resigns Conn. company over dog abuse

    CEO resigns Conn. company over dog abuse

    Tuesday, September 2 2014 7:05 PM EDT2014-09-02 23:05:35 GMT
    Sports catering business Centerplate has announced that its chief executive has resigned following widespread criticism over images from an elevator security camera showing he kicked a friend's dog and pulled...
    Sports catering business Centerplate has announced that its chief executive has resigned following widespread criticism over images from an elevator security camera showing he kicked a friend's dog and pulled hard on...
  • Subway bedbug infestations on the rise

    Subway bedbug infestations on the rise

    Tuesday, September 2 2014 6:32 PM EDT2014-09-02 22:32:13 GMT
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
  • Crash in Lincoln Tunnel causes major delays

    Crash in Lincoln Tunnel causes major delays

    Tuesday, September 2 2014 3:06 PM EDT2014-09-02 19:06:51 GMT
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.

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