|
NEW YORK (AP) - It has long been taken for granted that if you save 10 percent of your income through your working life, you'll have plenty of money for a comfortable retirement.
Now experts are beginning to suggest more is needed because inflation continues to nibble away at spending power, health care costs have soared and today's workers are living much longer than their ancestors.
The need to save more is not a message most Americans want to hear — especially since the nation's savings rate has been negative since the second quarter of 2005, meaning that people are spending more than they earn and either digging into their savings or building up their debt. The most recent government data shows the savings rate at a negative 1.4 percent of personal income in May.
|