How to start saving for retirement - Houston weather, traffic, news | FOX 26 | MyFoxHouston

How to start saving for retirement

Posted: Updated:
MYFOXNY.COM -

Are you saving (enough) for your retirement? Chances are you aren't. Jobs aren't secure, pensions are being eliminated, and people are living longer. That means you have to take charge, now more than ever, in planning for your future.

In fact, you really need to start early to be able to save enough for retirement. But even if you are already older, that doesn't mean you should just throw your hands in the air and give up before you start.

Lauren Lyons Cole, a personal finance expert and certified financial planner, came to Fox 5 News to offer some basic tips to get you started.

"We've got so many competing financial priorities and that's just the realty, so retirement often gets placed on the back burner for a lot of Americans," Lyons Cole said. "We've got to bring it up to the front of our minds and make sure that we're focusing on that just a little bit every year.

1. You should aim to save one time your annual salary in your 30s, three times your salary by the time you're in your 40s, and five times by your 50s. You are aiming to save eight times your peak annual salary by the time you retire.

2. If your company offers a 401(K), get in on it now and make sure to invest enough to maximize your company's contribution because that is free money. For example, if your company matches 50 cents to your dollar up to 3 percent of your annual salary, you should invest 6 percent to get the company's full match. Don't leave that money on the table.

3. For many, a Roth IRA is a really good option for saving for retirement. (Make sure to check income restrictions.) You can contribute up to $5,500 per year to a Roth IRA, and you actually have until April 15, 2014, to contribute toward your 2013 allotment.

4. The sooner you start saving, the better, and the more you can afford to save the better.

Click here to read more of Lyons Cole's money tips.

  • Your MoneyMore>>

  • 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.
  • Manhattan West Project

    Skyline of West Side is changing

    Skyline of West Side is changing

    Tuesday, July 22 2014 6:25 PM EDT2014-07-22 22:25:22 GMT
    The Manhattan West Project is a $4.5 billion development that will change the skyline on the West Side. The five-acre site that will consist of office towers, a residential building, retail, a 5-star hotel, health and fitness facilities, rooftop gardens, restaurants, cafes, and a park is being built on top of active rail yards. Fox 5 got a look at the progress of the project.
    The Manhattan West Project is a $4.5 billion development that will change the skyline on the West Side. The five-acre site that will consist of office towers, a residential building, retail, a 5-star hotel, health and fitness facilities, rooftop gardens, restaurants, cafes, and a park is being built on top of active rail yards. Fox 5 got a look at the progress of the project.
  • Beach fashion

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Monday, July 21 2014 6:13 PM EDT2014-07-21 22:13:49 GMT
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

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