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Video: This Is the One Number You Need to Know to Rescue Your Retirement

For the New Year, consumers are taking stock of their finances, especially when it comes to retirement.

Consumers should aim to save 15% of their income in a 401(k) plan, according to Dan Houston, President, Chairman and CEO of Principal Financial (PFG) - Get Principal Financial Group, Inc. Report .

"15% of your income today [should be] deferred for long-term retirement needs," Houston said, adding that raising 401(k) contributions lower one's annual tax bill. Money added to a 401(k) is pre-tax.

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