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The Most Ridiculous Mistake Retirement Savers Make

Saving for retirement is important, and it can be hard to find money to set aside. But according to the Employee Benefits Research Institute, even people making $100,000 or more don't always set enough money aside to retire comfortably.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at the EBRI study, noting that 12% of those making six figures have less than $25,000 set aside for retirement. Dan points out that there are some short-term situations where that can make sense, such as paying down loans and other debt or saving for more immediate needs. But in the long run, high-income earners have no excuse for not saving for retirement early, and they'll have even more trouble getting accustomed to a greatly reduced standard of living if they don't.

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If you don't save, Social Security will be your main source of financial security in retirement. In our brand-new free report, "Make Social Security Work Harder For You," our retirement experts give their insight on making the key decisions that will help ensure a more comfortable retirement for you and your family. Click here to get your copy today.


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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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