Here's How to Quintuple Your Retirement Savings

Retiring on Social Security alone could leave you really cash-strapped. That's because those benefits will only replace about 40% of your pre-retirement wages if you're an average earner, and most seniors need about twice that sum to keep up with their expenses.

In fact, you'll often hear that it's important to save in an IRA or 401(k) consistently throughout your career. Doing so could help ensure that you have enough money to pay your bills later in life. And if you stick to this strategy, you can actually build a massive pile of wealth for retirement without having to give up too much of your earnings along the way.

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Source Fool.com