Are You Saving Enough for Retirement?

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."

Take our quiz to see if you're really ready to retire. And see Mary Beth's article, Get a Jump on Retirement, for guidelines to help lead you to a secure retirement.

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If you're young and want to make sure you're saving enough, our retirement savings calculator will help you estimate the future value of your savings and figure out how much more you need to set aside each month so you don't run out of money in retirement. Then see Portfolios That Fit Your Needs for help tailoring an investment plan that matches your savings goal and time frame. Also see Great Rates in a Low-Yield World for 17 investments that pay 5% or more.

If retirement is only a decade away and you haven't saved much (or any), you still can build a sizable nest egg. See A Catch-Up Guide to Retirement for strategies to help you make up for lost time.

If you're nearing retirement or already are retired, you might want to consider moving to a lower-cost location to stretch your savings. See our Retiree Tax Map for locations where taxes will take the smallest bite out of your savings. Or consider these 8 low-cost places beyond U.S. borders.

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 Kiplinger.com. She joined Kiplinger in 2001 after graduating from American University with an MA in economic journalism.