Building sufficient retirement savings remains a major financial challenge for many Americans. George Kamel, personal finance expert and co-host of Smart Money Happy Hour, has joined Wealth! We discuss common mistakes and offer advice for individuals looking to build retirement savings.
Kamel suggests that individuals should first focus on eliminating consumer debt before investing. “Because consumer debt takes away the ability to invest.” His second recommendation is to establish a fully funded emergency fund that covers three to six months of expenses. Only after completing these two steps are you “ready to invest,” he says, and advocates putting 15% of your income toward retirement.
Kamel also discusses retirement planning, including not saving enough, investing in stocks that offer insufficient returns or are too risky, lack of portfolio diversification, and starting retirement investing too late. points out some common mistakes.
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This post was written by Angel Smith
