Why the retirement hurdle is getting even harder

We all dream of the day we can say goodbye to the 9-5 grind. But saving enough to enjoy our golden years is an increa...

Posted: Apr 24, 2018 11:07 AM
Updated: Apr 24, 2018 11:07 AM

We all dream of the day we can say goodbye to the 9-5 grind. But saving enough to enjoy our golden years is an increasingly monumental task.

Pensions have become a rare offering from employers. And even if you're lucky enough to have one, they're not always the ironclad guarantee they once were.

When and how we work has also been evolving, and that can be a game changer when it comes to retirement saving.

Here's a look at everything you need to know to get on the right track to retirement.

THE RETIREMENT CRYSTAL BALL

There are a lot of unknowns when it comes to saving for retirement, but the biggest question is usually: How much do I need?

The goal is to base your retirement planning on your future expenses, or how much it will actually cost you to live the post-career lifestyle you aspire to.

But that can be hard to figure out. These tips and calculations should help get you on the right track.

Keep in mind: Health care will likely be one of your biggest expenses in retirement. But just how much can you expect to fork over? CNN's Katie Lobosco has the number for you.

PENSIONS ON UNSTABLE GROUND

A pension is a good security blanket to have when entering retirement. But for many workers, that guaranteed income is at risk.

More than 1 million workers and retirees could lose their pension benefits within 20 years. Many of them were construction workers or truck drivers who belonged to a union and paid into pension funds set up to cover workers from multiple employers.

About 100 of these pension plans are expected to run out of money in the next two decades, according to a new report.

Here's how bleak the outlook is.

GETTING PAID WHAT YOU DESERVE

Women still generally earn about 80 cents for every dollar a man makes.

It's time to change that.

A career-long pay gap can put women at a disadvantage when it comes to saving for retirement, especially because they tend to live longer.

The American Association of University Women (AAUW) is providing free salary negotiation workshops, and the group has a big goal: train as many as 10 million women by 2022.

And it appears to be working: half the women who completed workshops in the first year either negotiated a pay raise at their existing job or a competitive starting salary at a new position.

Feeling like you're not being paid fairly can sometimes lead to burnout. CNN's Kathryn Vasel details five warning signs of workplace burnout, and what to do about them.

And speaking of paychecks, if you're dreaming of working at the biggest names in the corporate world and taking home a hefty paycheck, you might want to lower your expectations. The typical Amazon employee makes less than you think.

TAKING A YEAR OFF FROM WORK, AND STILL RETIRING EARLY

Retiring early is the ultimate goal for a lot of people. This guy is actually making it a reality.

Did we mention he also has three kids and plans to take a year off from work?

If you're looking to become more proactive when managing your finances, get into these six personal finance habits.

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CountyCasesDeaths
Hennepin1248631774
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Douglas475381
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Winona461251
Itasca459263
Isanti439964
McLeod430361
Morrison424662
Nobles407950
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Steele397616
Polk389072
Becker386655
Lyon363853
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Pine335023
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Mille Lacs311654
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Waseca238023
Martin235332
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Renville182446
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Houston174616
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Fillmore157410
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Watonwan13579
Rock128719
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Murray107010
Swift106918
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Lake83120
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Iowa Coronavirus Cases

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Cases: 370914

Reported Deaths: 6048
CountyCasesDeaths
Polk58232640
Linn21204339
Scott20306247
Black Hawk16119312
Woodbury15238230
Johnson1461585
Dubuque13506211
Dallas1128999
Pottawattamie11223174
Story1071448
Warren583991
Clinton561493
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Sioux517074
Webster515494
Muscatine4880106
Marshall486676
Des Moines467271
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Buena Vista426940
Jasper421172
Plymouth402981
Lee382356
Marion366076
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Henry294637
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Carroll286852
Crawford268540
Boone268434
Benton259655
Washington256751
Dickinson249344
Mahaska232351
Jackson225242
Clay216627
Kossuth216166
Tama211871
Delaware210943
Winneshiek198535
Page194522
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Cedar192223
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Fayette186543
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Hamilton181851
Harrison179973
Clayton171057
Butler166235
Madison164619
Mills163724
Floyd163342
Cherokee159338
Lyon158841
Poweshiek157036
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Hancock150234
Iowa149824
Winnebago144531
Cass139255
Calhoun138913
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Emmet135841
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Shelby131537
Sac130920
Union129935
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Mitchell126643
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