Lufkin financial planner: Start saving for retirement now

Joshlyn Wallace, college student
Joshlyn Wallace, college student

LUFKIN, TX (KTRE) - It's easy to put off saving money for our retirement with other financial obligations knocking at our door.

But with the economy in the gutter, a recent survey says we are struggling.

Joshlyn Wallace, a 27-year-old college student, says her concerns for her parent's retirement has caused her to start saving.

"From the statistics I've seen, my parents need $2 million to retire comfortably based on what they are making currently and at 47 and 49 years old, I don't believe they have $2 million saved up and that worries me about how much I'm going to need to save when my retirement comes," Wallace said.

Chris Moss, the vice president of the advanced financial group in Lufkin, says our interest rate is zero and says we should start saving early.

"Depending on where that starting point is could dictate how you are going to save that money from a risk-reward standpoint of if you are approaching those retirement years," Moss said.

Wallace says she has started saving every $5 she gets and has already saved $65 over a month.

"I think college students don't take retirement and savings seriously because of the feeling that we are invincible at this age," Wallace said. "The economy isn't going to get much better immediately and savings can't hurt you at this point."

Moss says he is seeing more people concerned about their financial future.

"There's a lot of motivation by folks to understand that they better be doing something to supplement their retirement," Moss said.

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