Most Americans Aren't Saving Enough of Their Earnings for Retirement

There's no single universal savings goal to target when it comes to funding a retirement plan. Why? Your retirement expenses and goals may look different than someone else's. Your best bet is to consistently sock away a respectable portion of your income in hopes of amassing enough wealth over time to enjoy your senior years.

But the percentage of income Americans are putting into their retirement plans is alarmingly low, according to a new FinanceBuzz survey. Around 29% of savers are putting between 1% and 5% of their salary into an IRA or 401(k), while about 34% are contributing 6% to 10% of their income. But those who want a financially secure retirement should really be aiming to sock away 15% to 20% of their earnings, if not more.

If you've been stingy with your retirement plan contributions, now's the time to start boosting them. Otherwise, you might face a serious shortfall by the time your career comes to an end.

Source Fool.com