The #1 rule when it comers to saving for retirement

Jean Chatztky, CEO of HerMoney, shares her best tip for how to save for retirement.

Transcript

00:00So when it comes to retirement planning, what's your number one piece of advice

00:04you think everyone should know?

00:09This is on you. Retirement, more than any previous generation, is on you. We are the first,

00:21Gen X is the first generation really not to have access to pensions in a major way,

00:27which makes the savings that we put aside for ourselves the most important bucket of money.

00:35So you want to do whatever you can to max out your ability to put away money for retirement.

00:44Once you get to retirement, we need to have a whole different conversation about how to make

00:50that money last. And it's an area where people need a lot of education and a lot of different

00:58tools. But for now, save as much as you can for as long as you can and make sure that money's

01:03invested. And what's the biggest retirement myth you tend to see often? Biggest retirement

01:11myth, I think, is that people know what they want from their retirement. What I see, and I do a lot

01:22of work in the retirement space, is that many people get very close to retirement. They don't

01:31know when they want to retire. They don't know where they want to retire. They certainly do not

01:36know how much retirement is going to cost. And it's why 10 years out from retirement, I think

01:43it's really important to do a pre-retirement checkup to make sure that you're on track.