 TITLE: How to Save Money if You’re Still Employed During COVID-19 CONTENT: Save for Retirement\n-------------------\nSaving for a rainy day is one thing. Saving for the golden years of retirement is quite another.\nIn 2019, the typical American household reported about $50,000 in retirement savings, according to the Transamerican Center for Retirement Studies. Yet the amount you'll need in retirement goes well beyond that. Estimates vary widely, but in a 2019 survey for investment giant Charles Schwab, $1.7 million was the average amount that 401(k) participants thought they'd need in retirement. Of course, everyone's situation is unique, so your retirement target might be higher or lower than that.\nRegardless of the formula for calculating retirement savings, it's important to build your nest egg. Investing experts suggest earmarking at least 15% of your gross income for retirement.\nHere are seven steps you can take to put yourself on track toward achieving your retirement goals:\n1.  Start saving for retirement as early as you can. This gives you a better shot at your nest egg growing over time.\n2.  Whittle down your mortgage debt. Owning your home outright can free up hundreds or thousands of dollars for retirement. In 2019, the average mortgage debt in the U.S. was $203,296, Experian data shows.\n3.  Pay off student loan debt. Being saddled with student loan debt can hinder your ability to put away money for retirement. The average student loan debt for Americans stood at $35,620 in 2019, according to Experian data.\n4.  Wipe out credit card debt. The average individual U.S. credit card debt climbed to $6,194 in 2019, Experian data shows. If you don't pay your credit card bills in full each month, the interest charges can add up. Paying off credit cards can be challenging, but using the debt avalanche or debt snowball payoff method can help you do it sooner rather than later.\n5.  Refinance your mortgage. Refinancing your mortgage at a lower interest rate could yield thousands of dollars in savings over the life of the loan. Keep in mind, though, that it could take years to recover the upfront costs of refinancing.\n6.  Start participating in your employer's 401(k). This type of retirement plan enables you to invest part of your paycheck before taxes are taken out. It's estimated that only about half of U.S. workers contribute money to their employer-sponsored 401(k). Some employers offer fund matching to encourage employees to invest in their retirement. If yours does, you could be leaving free money on the table if you're not participating.\n7.  Open an IRA. An IRA, or individual retirement account, lets you save for retirement on a tax-free or tax-deferred basis. But in a May 2020 survey commissioned by Bankrate, more than one-fourth of working households in the U.S. reported they weren't contributing to retirement accounts, including IRAs, before the pandemic. Before the next crisis hits, and if your employer doesn't offer a 401(k), it might be wise to start an IRA—as long as you've got enough available cash—so that you're better prepared for retirement. END