With Greg McBride, Chief Financial Analyst, BankRate.com
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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.