Financial 101: Saving for Retirement

By KBJR News 1

Financial 101: Saving for Retirement

October 23, 2013 Updated Oct 23, 2013 at 10:08 AM CST

St. Paul, MN (NNCNOW.com) --- The Minnesota Department of Commerce is hoping to use National Save for Retirement week to offer advice on how best to save for retirement.

According to financial experts, ninety percent of working-age households in the U.S. are not saving enough for retirement and about forty-five percent have nothing saved at all.

To help, Commerce Commissioner Rothman is launching the first in a series of podcasts that addresses financial literacy and educating consumers to make smart money decisions and avoid scams that will lead to a more secure life today and for the future.

“Minnesotans should save for retirement today, one smart decision at a time,” said Commissioner Rothman. “Consumer education leads to better financial decisions, and protection from investor scams.”

Nathan Dungan, president and founder of “Share, Save, Spend,” joins Commissioner Rothman in offering tips to get started. With tight budgets it can be a daunting task to start saving. The Commerce Department advises Minnesotans to review their budget and identify savings that can add up over time.

How Can I Start?
Making small steps each day to understand your finances, make a plan, and figure out short and long-term savings goals can change your financial future in 30 days. Visit the Commerce Department’s website to start the 30-Day Financial Health Challenge and take a step each day to improve your financial health.

Start Saving with Energy Efficiency and Conservation
The Minnesota Department of Commerce Division of Energy Resources encourages consumers to save energy and money by unplugging appliances when not in use, using a programmable thermostat, and getting a home energy audit.

The Division of Energy Resources offers “Minnesota Energy Tips”, a twice-monthly feature that provides energy tips for Minnesota consumers. It is intended to help residents save energy and save money.

Be a Smart Investor
Once consumers are ready to start investing for their retirement, The Securities Units Investor Education also offers tools, tips, and warnings that will help you avoid scams and make informed investment decisions in today's complex financial marketplace.

“Consumers need to keep in mind that that if an investment sounds too good to be true, then it probably is,” said Commissioner Rothman. “Minnesotans need to educate themselves - don’t be afraid to ask questions and get trusted advice.”

Investors should contact the Minnesota Department of Commerce Securities Section with questions they may have about an investment product, broker or adviser, when making an investment. The Securities Section can be reached by phone at (651) 539-1638. Questions or consumer complaints can also be sent by email to securities@state.mn.us or by mail to the Minnesota Department of Commerce, 85, 7th Place East, Suite 500, Saint Paul, MN 55101.