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Emily’s list: Not enough for retirement edition

Emily Crone

Are you saving enough for retirement? According to CNN Money, most Americans in their 50s will retire with only $120 a month in savings. Based on Wells Fargo’s annual retirement survey of 2,000 middle-class Americans ranging from 20 to 60 years old, “Americans aren’t saving enough, they are underestimating the amount of money they will need in retirement, and they are more likely to end up working through retirement.”

I worry that Americans just don’t think ahead. Just today I was talking to someone who was in their 30s but said they weren’t interested in saving for retirement now because they are having fun and can always do it later. I tried to explain compounding interest and why it is so vital to start young, but I could tell I wasn’t going to change any minds. Debt can be the same way. It is easy, yet detrimental, to think short-term and simple rather than long-term for a sustainable future. Why load up with credit card debt for unnecessary expenses when you could instead be contributing for your retirement?

Read on for my roundup of some of the best personal finance blog posts from the past week, several of which can help you start organizing and optimizing your fiances (and some that will help you avoid credit card debt during the holidays).

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