Five Tips to Help You Save for Retirement

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Feb. 13 (Bloomberg) –- On today’s “The Paybook,” STA Wealth Management CEO Lance Roberts discusses the importance of saving for retirement and gives some tips on how to get you to where you want to be. He speaks to Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

Hts begin by just outlining the challenge that exists for many americans.

How do they know how much money they need to put away for their retirement.

Well, the problem is you need to know kind of where you want to end up so you can know where to start.

It's like making a trip to drive to canada.

You have to know where you are going to start from and where you can going to wind up.

For many people this is kind of hard to understand and hard to plan for because it's so far out in the distance.

Rules of thumb that will generally get you there, if you are saving 15% to 20% of your annual income, you are probably going to be pretty close to the ballpark when you get there.

But a lot of people can't afford to do that.

What should they be doing?

Are there plans or programs or guidelines?

Well, look, first of all there is no quick get-rich-quick scheme that's going to work obviously.

The process of saving money is something we don't like to do because we were rather spend it.

We would rather have the i phone or ipad now.

This is the way we've drinken our society, use credit cards, you can have it today and you don't need to worry about the savings discipline.

But ultimately that's what we need to do.

The dirty word of every budget -- savings is budget.

The first thing you do, pay yourself through savings.

401k plan, i.r.a., investment account and -- at nur local brokerage firm.

Live on the balance and your savings will grow over time.

Lrs, lance, but having said that, many people are using short-term credit for playing the bills.

What is their chance of amassing any kind of retirement nest egg?

Glirs, if you are using revolving credit to pay your bills with, you've got a problem.

That's a big red flag that you are living beyond your means.

You have to realize where you are and pay off credit card debt, get it down to just your represent or mortgage and start saving money.

I -- unfortunately, i wish i had an easy answer.

Wish i could say just go stick a few dollars in the markets and it's going to all work out fine.

But that's not how it is.

The average american has less than one year's worth of retirement saved up.

You know that's not good.

What's the difference between a saver and an

This text has been automatically generated. It may not be 100% accurate.

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