Are You Saving Enough for Retirement?

A new study shows that even those in the highest-income level face risks of running short of money.

Running out of money in retirement isn't a risk that only the poorest Americans face. In fact, about 13% of Americans in the highest-income level won't have enough savings after 20 years in retirement to cover their expenses, according to the 2010 EBRI Retirement Readiness Rating. And almost one-third of those in the next-to-highest income level will run short of money after 20 years in retirement, according to EBRI (Employee Benefit Research Institute).

Even if you have a large nest egg, you can find yourself short on cash in retirement if you don't have good spending plan. As Mary Beth Franklin writes in the August issue of Kiplinger's Personal Finance, "Think of it as planning a long, expensive vacation for which every detail matters, rather than deciding at the last minute to take a weekend trip."

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Cameron Huddleston
Former Online Editor,

Award-winning journalist, speaker, family finance expert, and author of Mom and Dad, We Need to Talk.

Cameron Huddleston wrote the daily "Kip Tips" column for She joined Kiplinger in 2001 after graduating from American University with an MA in economic journalism.