One in five older Americans have no retirement savings, Social Security doesn't feel like much of a guarantee, and the pension era is over.
While the widespread shift over the last five decades to 401(k)s for retirement savings has meant some Americans can't afford the burden of being primarily responsible for their retirement finances, others have been able to work the system to their advantage.
Throughout his nearly 40-year-long career in geology, he was able to sock away over $2 million for his retirement, even after putting multiple kids through college.
He thinks some just didn't know much about 401(k)s during the switch from a pension or didn't understand them.
Advertisement"If I had to tell people what to do, there's save big and save early — or save early, and it doesn't have to be big, but save early and you get all that compounding," Mark said.
Persons:
Mark —, —, Mark, he's, it's, Roth
Organizations:
Service, Social Security, Bureau of Labor Statistics
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