Despite the uptick in the economy, a majority of Americans continue to struggle to save for retirement.
Forty-percent of Americans admit to having saved less than $10,000 for retirement, six out of ten say they have less than $100,000 saved up, according to GoBankingRates.
“The number one reason people say they are not saving for retirement is because they say they don't make enough money. The second most common reason is because they're struggling to pay bills,” says Cameron Huddleston with GoBankingRates.
Huddleston says most experts believe you should save at least 10 percent of your income, but if you're in your 40s or 50s, you need to save at least 15 percent for a comfortable retirement, preferably in the stock market with a 401k.
“Most retirement accounts that are offered through employers will offer access to mutual funds or index funds,” she says. “If you're saving for emergencies down the road, a savings account is a good place to put your money.”
Cut back on cable, your cell phone, and don't ever dip into savings to pay for your child's college.