Retirement savings crisis: what can you do? - DC News FOX 5 DC WTTG

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>>

  • Some StubHub accounts breached

    Some StubHub accounts breached

    Wednesday, July 23 2014 4:34 PM EDT2014-07-23 20:34:20 GMT
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
  • FAA extends ban on U.S. flights to Tel Aviv

    FAA extends ban on U.S. flights to Tel Aviv

    Wednesday, July 23 2014 4:18 PM EDT2014-07-23 20:18:55 GMT
    The Federal Aviation Administration has extended the ban on U.S. carriers from flying to Tel Aviv for another 24 hours. Word came from the FAA at about 12:40 pm. on Wednesday, 24 hours after it issued its initial ban to Israel and following a rocket launch from Gaza that landed near the Ben Gurion airport.
    The Federal Aviation Administration has extended the ban on U.S. carriers from flying to Tel Aviv for another 24 hours. Word came from the FAA at about 12:40 pm. on Wednesday, 24 hours after it issued its initial ban to Israel and following a rocket launch from Gaza that landed near the Ben Gurion airport.
  • Bloomberg flies to Israel in show of support

    Bloomberg flies to Israel in show of support

    Wednesday, July 23 2014 4:12 PM EDT2014-07-23 20:12:27 GMT
    Former New York Mayor Michael Bloomberg flew to Israel via a commercial El Al flight despite an FAA ban on U.S.-based airlines flying to Tel Aviv. Israeli Prime Minister Benjamin Netanyahu met Bloomberg on the tarmac outside the El Al jet Wednesday at Ben Gurion International Airport.
    Former New York Mayor Michael Bloomberg flew to Israel via a commercial El Al flight despite an FAA ban on U.S.-based airlines flying to Tel Aviv. Israeli Prime Minister Benjamin Netanyahu met Bloomberg on the tarmac outside the El Al jet Wednesday at Ben Gurion International Airport.
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices