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