Survey Says People Not Saving For Retirement

Published 03/25 2014 12:55PM

Updated 03/25 2014 10:14PM

A large number of people are not ready for retirement. A new survey says 73% of those without a savings plan like a 401K or IRA have less than $1,000 put away.

Local financial planners say people need to be saving on their own.

"We have great concerns about people relying entirely on social security. And of course, we all, we hear things in the news about the financial health of social security and even ignoring those concerns, social security, I think should just be looked at as supplement or a base, and not the whole enchilada, if you will," Sam Lovelady, CPA with Lovelady, Christy and Associates said. 

Another growing question - how much should you save?

Lovelady says as people live longer, they're needing their financial resources to last longer too.

Locally, Amarillo National Bank Executive Vice President, Patrick Ware says they see people saving.

"Over the last five years, our non-transactional accounts, our savings accounts, and CD's have grown over twenty percent. So we think people in the Panhandle do do a good job saving," Ware said.   

At the end of the day, Lovelady says saving is simple.

"The advice is really pretty simple. Spend less than you make," he said. 

Spending less, to be ready for retirement. To see what you should be saving, and for more tips, click here.

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