00:00A NerdWallet study concluded that 60% of Americans don't have a retirement-specific savings account, such as an IRA
00:08or a 401k.
00:10A big disparity was noticed between different communities.
00:1371% of Black non-Hispanic Americans and 72% of Hispanic Americans say they don't have such accounts, compared
00:22to 54% of White non-Hispanic Americans.
00:25Regardless of your circumstances, it's never too late to start saving for retirement.
00:31Start familiarizing yourself with your retirement needs based on the lifestyle you'd like to have.
00:36Consider the pros and cons of having a retirement account.
00:40Although tax breaks can be a major advantage, you typically can't withdraw funds before you're 59 1⁄2 years old without
00:47incurring penalties or taxes.
00:49Bank rates suggest you take a look at your spending to identify where you can make some sacrifices.
00:55If you're past your 40s, the site suggests you should sail past the 15% saving marker and try to
01:01designate an even bigger chunk of your income to your long-term cushion.
01:06When you have a retirement account, it's important to be smart about where you'll invest your money.
01:11A rule of thumb is to fold a mix of stocks, bonds, and cash.
01:14But the allocation of these assets depends on your risk tolerance and your retirement goals, says MarketWatch.
01:21The key is not to be intimidated and get started.
01:25When moved, it's a problem.
01:25Have a bus than ever since easier for retirement to obtain the payment yet.
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