Need to Increase Your Retirement Plan Contributions? Here's How.
Saving for retirement is an important thing . But let's face it -- it's not always an easy or fun thing.
To consistently fund a 401(k) or IRA, you'll probably need to give something up. That something may be a nicer car, a much-needed vacation, or home maintenance you'd like to outsource.
But the reality is that planning to retire on Social Security alone is a bad idea. Those benefits will only replace about 40% of your paycheck if you're an average earner, and most seniors need more like 70% to 80% of their pre-retirement income to manage their expenses well.
Source Fool.com
