NEW YORK (MainStreet) A big reason why people avoid saving for retirement is that the challenge just seems to daunting: they aren't sure even where to begin, and they have no idea what they should be doing.
To gain insight into the proper steps, we sat down with Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation, dedicated to helping young people gain financial literacy, and Justin Sinnott, a financial consultant who has been with Schwab for over 13 years.
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- What Gen Xers Need to Do Now for a Better Retirement
- Why 401(k) Savers Are Like Bad Boyfriends
- Retiring Gen X-ers to Face Empty Government Coffers in 19 Short Years
Why You Need to Save for Retirement
The recently designated "Retirement Week" isn't enough, according to the experts.
"It really needs to be National Retirement Month," says Schwab-Pomerantz. "It's a callout in time for people to focus and maybe come back and re-examine their retirement plans, or start one if they haven't yet."
She further explains that today, the onus of coming up with your retirement income is all on you. "Employers just don't provide you with that nest egg anymore," she said.