Are you a retirement have or a have not?




Many Americans are taking the right steps to improve their retirement security — and many aren’t. That’s one conclusion of a recent study about IRA usage from the Investment Company Institute (ICI).

The mistakes and omissions people make fall into two time periods — while you’re working and while you’re retired. See how the steps you’re taking compare to other Americans.

Many Americans aren’t saving for retirement

The biggest mistake you can make while working is not saving anything for retirement. The second-biggest mistake is not saving enough.

One of the best ways to save is through an employer-sponsored retirement plan, in which you put money away via automatic payroll deductions and reap substantial tax advantages. Your employer also does the shopping for investments and administrative services so you don’t have to. According to the ICI survey, only about 55 percent of U.S. households participate in an employer-sponsored retirement plan.

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