According to the U.S. Department of Labor, while the average American spends 20 years in retirement, fewer than half have calculated how much they need to save for the golden years.
Retirement is expensive. Experts estimate that you will need at least 70 percent of your pre-retirement income (for lower earners, it could be up to 90 percent) to maintain your standard of living when you stop working.
When faced with two big financial priorities, such as paying off old debt and saving for retirement, it can be easier to focus on just one. But there are ways you can contribute to retirement savings even while paying off student or other debt. Here are some steps to help you save while reducing what you owe.
Expecting a substantial income tax refund this year? If so, you are in the majority - over 70 percent of Americans get money back at the end of the tax year, with the average refund being close to $2,000. Rather than having those precious dollars being absorbed into your normal spending routine, get the most out of your cash.