Financial Fitness: Saving for retirement

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It used to be that you worked long enough to max out your pension and then you retired. Now it's all about how much money you can save while still managing to have a life.

The first step is to determine when you want to retire, and how much money you think you'll need to live on. A financial planner told us figuring out the savings goal from there is pretty easy.

The way you save, and how aggressively you invest isn't as easy to answer. A lot of it has to do with how old you are and how many more years you plan to work.

If your employer offers a 401K analysts recommend you enroll and start investing in it as soon as possible. You can also look into an individual retirement account, or IRA. There are different types of IRAs, choosing the right one depends on your income and your savings needs.

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