Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, October 25, 1993 TAG: 9310230035
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
Many in the older generation can still expect fairly generous pensions from jobs they have had most of their lives. And younger people are learning to take advantage of the fact that they have 30 or more years to gradually and comfortably fund their own retirement-saving accounts.
But the baby boomers, in the middle of their careers and possibly at the peak of their earnings potential, aren't saving enough, and they aren't being very smart about how they invest what they do save, specialists say.
If they expect to have a pension, a 35- to 45-year-old couple earning a combined $75,000 should be saving almost 9 percent, or about $6,750 a year, of their pretax income to have enough retirement income. If there is no pension, they should be saving 13 percent, or about $9,750 a year.
The question, however, is not just one of dollars and cents, financial planners suggest. After looking at the lifestyle you'd like to afford after retirement, you might find the cash to finance it in the lifestyle you are enjoying now.
- Boston Globe
by CNB