How to Save More for Retirement Regardless of Income
According to the TransAmerica Center for Retirement Studies, most workers are woefully unprepared for retirement. Higher earners, however, have far more money saved than those with lower incomes. In fact, the median savings for workers with an annual household income of $100,000 or more is $222,000, compared with $3,000 for workers earning under $50,000.
While it's obviously easier to save a lot of money when your earnings are in the six-figure range, every household needs money for retirement regardless of income. And a whole lot more than $3,000 should be saved to have a chance at a secure retirement.
The good news is that you don't need to be on the upper end of the income scale to increase your retirement savings. There are some tips anyone and everyone can put into practice to build a nest egg to provide for them in their later years.
Source Fool.com
