How to save for retirement at any age

CHARLOTTE — A lot of people dream about the day they can finally retire, but for many Americans, sticking to financial goals can be unrealistic.

Financial planner Josh Andreasen works to help people reach their savings goals, and he says not to be discouraged by benchmarks that don’t work for everyone.

Qutul Greene, 58, told Channel 9 that she thinks about retirement a lot.

“I have two jobs and one of them I work for the railroad,” Green said. “They have a pretty good package.”

For 25-year-old Julia Carrier, buying a house is her main focus.

“Independence is a bit more important than thinking about retirement, especially for my age,” Carrier said.

Most experts recommend you put 15% of you pre-tax paycheck towards retirement and max out your 401(k) contributions, which is $23,500 per year.

Many financial experts go even further, recommending you have two times your salary saved by age 35, 4 times by age 45 and 7 times by the time you are 55.

If you’re trying to save for retirement while juggling rent or a mortgage, utilities, food or childcare, these goals can be unrealistic.

“Personal finance is what you said, personal,” Andreasen said. “Do your best to focus on what you can control.”

Effective this year, many companies offer a 401(k) are now required to automatically enroll new employees at a 3% contribution, unless you opt out.

While this means a smaller paycheck, Congress hopes it will better prepare more Americans for retirement.

According to the Bureau of Labor Statistics, 70% of workers have access to an employer retirement plan, but only 53% use one.

Andreasen’s advice for how much you should be saving is very simple.

“I would again say save until it hurts,” he said. “The sooner you can get started the better off you will be.”

Many companies offer a 401(k) match, usually between three and six percent. Experts say to take advantage of that free money from your company. It can help you reach your savings goals faster.

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