Saving early can be a savior for your retirement

April 6, 2015 12:22 PM

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With few years left in the workforce and thus less time to save for retirement, a 55-year-old man earning $40,000 a year with no nest egg would need to contribute 24.5 percent of his salary to a workplace retirement account until age 65 to even have a 50 percent shot at a financially successful retirement.

But a 25-year-old with the same salary and no savings would only need to contribute 6.4 percent of his salary for a 75 percent chance of financial success, according to a report recently released by the Washington-based Employee Benefit Research Institute. Because of their longer life spans, women t...

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