According to a new survey, only 14% of US workers are very confident they'll be able to retire comfortably—and more than 50% haven't even tried to calculate how much money they'll need. Workers are increasingly planning to keep working past the retirement age—37% said they expected to work after hitting 65, which is up from 11% two decades ago. If all of the above scares you and you want to start planning, Time offers up six myths about retirement saving that you'll need to get past first:
- All I need is a 401(k): It's a good start, but traditional IRAs, Roth IRAs, taxable investment accounts, and emergency funds are also important.
- I need to pay tuition or pay off debts first: Your children can borrow money, and you can always help them pay off those debts later if your plan is going well. As for paying off debts, it's usually better to work on them and your retirement plan at the same time.
- It's too late: It's certainly never too early to start saving, but it's also never too late. After age 50, you can put an extra $5,500 per year in "catch-up" savings into a tax-favored account.
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