McLEAN, Va. (02/18/14)--Forty percent of Americans nearing retirement haven't saved anything, according to Federal Reserve data. And among those who have, the median savings balance is $100,000, not nearly enough to fund retirement (USAToday.com Feb. 9).
Saving for retirement doesn't have to be difficult or time-consuming--or stressful. One of the easiest ways to save is by contributing to your employer's 401(k) savings plan.
401(k) plans offer unique saving opportunities because:
Consider periodically upping your 401(k) contribution. If you get a raise, increase your 401(k) contribution by the amount of your raise or by a portion of it. Receiving a large tax refund or striving to meet a New Year's saving goal also might provide incentive to increase contributions.
For related information, read "Retirement: More to Prepare Than Finances" in the Home & Family Finance Resource Center.