The three-legged stool refers to the pension, social security, and personal retirement savings. With the pension becoming less common and social security facing troubles in the near future, retirees will have to depend on their personal retirement savings to get them through the many years of retirement.
You can make a bigger impact on your savings with these tips:
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Saving more. Workers should save 10% to 15% of their income for retirement.
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Paying less. Low fees are the greatest indicator of investing success.
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Investing for the long term. Trying to time in and out of markets is risky and can quickly eat away at your hard-earned savings.
Read more: http://beta.morningstar.com/videos/781530/the-threelegged-stool-of-retirement-is-wobbly.html
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