Retirement savings for 40-, 50- and 60-year-olds

Life is full of unexpected expenses, and it's not always easy to save as much as you want for retirement. While saving for retirement is an expense that's easily put off when you're younger, the pressure builds if you procrastinate too long. As you move into your 40s, 50s and beyond, you have to focus on retirement planning and save as much as you can so you can eventually retire and lessen the risk that you'll run out of money.

"If you're in your 40s, there's still plenty of time," says Joe Jennings, investment director with PNC Wealth Management in Baltimore. "Twenty years is a long time, if you're looking to retire when you're 65, to still be able to meet your goals. It's important to sit down then and, as you get closer to retirement, to think about your goals and re-evaluate them."