4 Investigates Alert: Saving money for retirement | KOB 4
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4 Investigates Alert: Saving money for retirement

Colton Shone
Updated: November 08, 2019 07:26 AM
Created: November 08, 2019 07:24 AM

ALBUQUERQUE, N.M. — A new report paints a pretty bad picture for people in their golden years in New Mexico. The problem? Seniors don't have enough money saved up. 

According to the U.S. Census, New Mexico is among the top three states for seniors living in poverty. 12.2% of New Mexico seniors are living in poverty – that's higher than the national rate of 9.3%. 

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UNM researchers say two out of three private sector workers in New Mexico have no money saved for retirement. 80% have less than $10,000 saved. 

"We see a tip of an iceberg of people who really just don't have the resources," said Clarissa Krinsky with ClariFinancial. "Whether it's from not saving enough, or less than they expected from social security, or a pension to really have a comfortable retirement."

In October, a professor from University of Pennsylvania's Wharton School of Business made headlines suggesting millennials save 40% of their salaries for retirement – because of inflation and low returns on investment predictions. The previous suggestion was 15%. 

Some key takeaways: 

  • If you're older and don't have enough money, Krinsky says work until you're no longer able to.
  • If you still have some time before retirement, Krinsky says to invest in an IRA or Roth IRA if your work doesn't have a 401K retirement plan. 
  • Also, live below your means. 

Watch the video above to learn more. 


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