Underfunding an IRA or 401(k) could lead to a world of financial stress in retirement. And that's why it's time to throw the old convention of saving 10% of pay for retirement out the window.

The cost of retiring is only going up thanks to factors that include inflation and increases in Medicare costs. Plus, Social Security is facing a serious financial crisis that has the potential to result in benefit cuts. If that happens, future retirees will become even more reliant on personal savings to cover their living costs in the absence of a job.

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Source Fool.com