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Americans Need to Boost Retirement Savings

Greg McBride

With Greg McBride, Chief Financial Analyst, BankRate.com

BankRate.com recently reported results from their survey on whether Americans were saving more or less towards their retirement accounts such as 401(k) and IRA. The good news is that 20% of all working Americans are socking away more towards retirement than last year… and there’s been a 50% drop in Americans who have not upped their savings… so that’s all positive.

But there are trouble spots – with 10% saying they did not contribute towards retirement this year or last year – and that’s the highest in five years… so it’s a mixed report. Part of this can be fixed with workplace retirement plans and auto-enrollment. Moreover, contributions should go up as you near retirement – seamlessly and automatically, straight off the top before you get your hands on that money. So tune in to see how and why you should not ignore your nest-egg today.