Are You Saving Enough For Retirement? Most Aren't.
by Lynne Adkins
PHILADELPHIA (CBS) -- Do you have enough funds to retire comfortably? Most of us don't, according to a new survey.
You know you need to plan and save for retirement. Greg McBride, Chief Financial Analyst for Bankrate.com, says social security isn't enough.
"You're going to need 70% of your pre-retirement income, unfortunately we find that Americans are falling well short of the mark. Nationally that income replacement is just 60%, and in Pennsylvania we're faring even worse at 55%," he said.
He also says delaying retirement will help.
"Each additional year that you work is another year that your assets have to grow. It's one less year that the money has to support you in retirement, and it may also allow you to delay social security. Each year you can delay social security up to age 70 results in a permanent pay raise," said McBride.
Only seniors in Hawaii, Alaska and South Carolina are saving enough for their golden years.