Better East Texas: Planning for retirement - KLTV.com - Tyler, Longview, Jacksonville |ETX News

Better East Texas: Planning for retirement

(KLTV) -

Retirement, it is one of those words that creates stress, joy, fear and dozens of other reactions.

When we think about retirement, the emotions generated often coincide with how close to retirement you are. A recent study revealed what many Americans know and that is that on average we are unprepared or our golden years – mainly as result of not investing towards retirement. That study on retirement found that only 28 percent of American workers had more than $1,000 saved towards retirement and 57 percent of workers have less than $25,000 saved. That totals 85 percent of the population being unprepared for retirement.

Now some of those workers are younger and time is on their side, but as a country we are headed for a big problem in this area. We will have a large portion of the population that will have to work much later in life and will still not be able to make ends meet. But this problem is largely avoidable.

It will take discipline and delayed gratification – words many of us hate. But preparing now, no matter your age, no matter your income, can make the difference. Social security will, at best, cover some basic expenses, but it was never designed to be a savings account and benefits will possibly be reduced over the coming years.

So it takes a plan and a commitment to save. Retirement - it can be the golden years or not - but getting a plan will make this a Better East Texas.

Copyright 2015 KLTV. All rights reserved.

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