Lee Baker a certified financial planner on saving for retirement based on "the life that you want to live."
Tonight on "Nightly News" NBC's Anne Thompson reported on the growing number of Americans who cannot afford to retire in Part Two of our series on the 'Road to Retirement.'
More than half of workers have less than $25,000 saved for retirement, according to an annual survey from the Employee Benefit Research Institute. And according to AARP, at age 30, your retirement savings should be 40 percent of your annual income. By 40, your retirement savings should amount to two years of your income, and by age 50, four years of income ought to be set aside for retirement.
Find out what it takes to get back on track, even if you started saving late. NBC's Anne Thompson reports.
NBC financial editor Jean Chatzky offered tips on how to begin saving, even if you've gotten a late start. Watch the video below to learn more.
NBC's Anne Thompson and Jean Chatzky on how to make up for lost time if you're behind in your retirement savings.
Last week, Chatzky told "Nightly News" anchor Brian Williams it's essential to take stock of your finances.
"This first thing people need to do is know what they have coming to them in terms of retirement and know what it costs them to live. And half of adult Americans haven't even run those calcuations," she said. "Downsize your lifestyle. Everything from the amount of money you're spending on your cars to the amount of money you're spending on your housing." People often don't look at the numbers, she added, but it's important to know where you stand.
NBC's Jean Chatzky joins Brian Williams with advice on planning for retirement.
Click on the video below to watch Part One of the NBC series 'Road to Retirement.'