(FOX 13) - Financial website https://www.gobankingrates.com/ asked gen-x-ers, baby boomers and seniors how much they're putting toward retirement.
The options ranged from less than $10,000 to more than $300,000 – or nothing at all.
More than half - 56-percent - who answered, said they have less than $10,000 saved for retirement, and a third have none saved at all.
FOX 13’s consumer reporter Sorboni Banerjee asked an expert how much a person really needs to live their best, post-career life, and how to get there.
Financial adviser and author Robert Harwood said many don’t think about planning for retirement until it’s too late.
“We don't think about retirement planning until we're about to retire and then it's, “Oh my gosh, it's here! What do I do now?” Harwood said.
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KNOW YOUR NUMBER
Consider how much money you need a year to live after stopping work
“The goal would be, ‘I want to have a good quality of life in retirement. I don't need to be rich; I just need to be secure,’” Harwood explained.
COUNT ON EXTRA COSTS
Circumstances can change after retirement. The cost of things like healthcare, taxes and even groceries and gas could go up.
Make sure you plan for the unknown.
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SAVE ACCORDING TO AGE
Harwood says try to save 10-percent of your salary and contribute to a 401K in your 20s and 30s. Increase the percentage to 20-percent during middle age, and make sure to get help with investing. For most, this will mean spending less throughout life.
Harwood said to have your plan in place 10 years out from when you want to be retired.
If you’re feeling overwhelmed, seek help from a professional. But make sure your financial adviser is a fiduciary, which means they have no conflict of interest and are not a financial salesperson.