Five ways to make sure you don't retire broke

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LEXINGTON, Ky. (WKYT/SWD) - Nearly half of all Americans are retiring broke, with less than $10,000 to their name. Those Americans only have social security to live off of.

Matt Dicken, a Financial Expert with Strategic Wealth Designers, shares ways to avoid this same fate as you plan for retirement.

First, start saving now. It doesn't matter if you're 15 or 50, you have got to be putting back money every paycheck or every month for retirement. Even if it's just $25 a week.

Second, get ahead early. At age 25 you can put back just $200 a month and you will have $500,000 saved by the time you retire. If you wait until 35, that amount more than doubles to $425 dollars to achieve the same goal of $500,000.

Another way to save: if you're working and your employer has a match on the retirement plan, max it out. That's free money. It may not seem big when you start, but it will pay huge dividends over the many years you work.

Also, always spend a minimum of 10% less than your monthly expenses. Half can be put towards savings and the other half can be used toward that trip you always wanted to take.

Finally, talk to an expert. Even as we get older it's more about what we look like, and our perceived life as opposed to what someone really does have. Most people aren't leaving high school or college with an understanding of how their money can work for them or really hurt them. Understanding taxes, fees and when and when not to take risks within the market are things that are rarely taught in school. You would consult a doctor if you were sick and you should consult a financial professional before you end up retiring broke.