Focus on debt:
Singletary wrote in the Post that it may be more important now to focus on paying off debts than saving every penny possible for retirement.
Especially for people who are further away from retirement. Long-term, high-interest debts can hang over your head for decades.
“The longer you wait to get rid of debt, the more likely it will hinder your retirement savings goal,” Singletary writes.
Don’t underestimate the cost of retirement:
With the average lifespans longer than they were in previous generations, it has changed the way Americans think about retirement. It's not uncommon for people to have retirements that last two or more decades, which can be a daunting task to save for.
"The big risk is outliving your money," Keith Bernhardt, vice president of retirement income for Fidelity Investments, told U.S. News and World Report.
A recent report from GOBankingRates found that having a comfortable 20-year retirement in Georgia costs more than $1 million or roughly $56,000 annually.
While conventional knowledge has said Americans should save as much as 10% of your income for retirement, experts agree that it may not be enough. In a post-pandemic world, that number will likely look more like 15%.
"I can imagine some people, early on in their career, who might see that number and get a little scared. But we do like to remind people that the percentage includes any company match," Fidelity's Eliza Badeau told the Post. "The most important thing to do is just start saving as early as possible and take advantage of that whole match."