Richard Schroeder joins us from Schroeder Braxton and -- the challenge of saving money for retirement Richard it's always good to talk with you thank you for the time. Great 65. Was always the traditional retirement age but few Americans expect to retire by 65 these days. Are you finding that more of your clients are working longer. Well some aren't some aren't unfortunately we're also finding that a lot of older workers are being. Forced out of the workforce but I job loss and the inability to get another job so. We have people wanna work longer. For various reasons some financial. But also people who have to start relying on their savings and other resources that 62 hours to very. If someone is working later and not retiring. What does that do to their retirement savings does it change any of the formulas or anything like that. Well sure working later really helps for various reasons. First of all the ones benefit that everybody's gonna get his Social Security. And the longer you can put off Social Security at least until late seventy. The bigger your lifetime benefits going to be so. If you work past. Normal retirement age which from any. But for current retirees is about age 66 right now that's that's the full benefit age. But if you don't work another year or two and the -- the payment. Social Security you're gonna get an 8% bigger benefit for each year you delay it. You know it is Sarah formula is there an amount you should saved by a certain age. While it is yeah the rule of bombs and very easy and very -- some of bear in mind that everybody's situation is different. Would be two make an estimate of how much she's thinking needs to live on. And -- -- on today is pretty good side so secure after tax income. And stay home are gonna have that replicate that retirement. Find out there's Social Security benefit. Would then subtract that from that amount the remainder of the amount you've got to fund either to a pension. Where your savings. Many people now that's just going to be saving so. Say you needed 20000 dollars more over social security and pension and ordered to to live. The way we look at it if you have a normal. Retirement life span of 25 years thirty years. You should be able to take out about 5% a year so if you were retired assets. The retirement assets so take the number at which you have saved provided by point 05 and you'll get the income stream and see if that's enough to make it. Then news CBS poll that's out says seven in ten Americans. Don't save enough they say things like I don't know bill's house payment stuff that they think they have to do instead. How do you get over that hurdle especially if you're young in your career. What can you do to make sure that -- actually saving the money instead of paying the groceries the utility bill. Well you know the old the oldest thing -- pay yourself first so yeah. Any young employees or workers should take advantage of any employer savings plan and try to have some amount of their pay withheld every week if they don't see it. They won't spend that little go somewhere where -- where will grow. And I say to young employees get any amount Japan tried at least to have -- -- the amount. With kitchen -- full employer match that your employer matches and I think. And then each trying to get a pay raise increase you're withholding by a little bit so if you -- lucky enough to get 2% pay raise. Take half of that and to have -- percent more put away towards retirement and if you do that for just a few years or should -- it would get towards the maximum 15% of salary that -- -- allowed to say it's. What about some later in their career can they play catch up. Lee it's very are it's it's not impossible it's harder because money newspaper early in life is worth a lot more because of the many years it has to -- around. Spend money save later so it's playing catch up later in life and you really have to double whopper triple upon which sort of thing. We're sure glad you could join us thank you very much your credit YouTube that's Richard Schroeder. Financial planner with Schroeder Braxton and vote.