April is all about the money because it’s Financial Literacy Month, and what better way to honor the month than by saving some money for retirement?  

Caleb Silver with Investopedia says although wages in Connecticut are up slightly from last year, retirement balances continue to take a big hit in the last year as the stock market has fallen.

"In Connecticut, we are earning on average $35.87 which is up from last year and pretty comparable to our tri-state neighbors

And while some numbers are up, Silver says.

Silver says IRA accounts are down about $30,000, 401(k) savings are down just over 25,000, and 403(b) accounts have dipped just over 20,000 in 2022 compared to 2021.

Maggie Johndrow, a financial advisor in Westport has some advice for saving for retirement though.

"The best way to save for anything including retirement is to automate your savings," Johndrow says.

She says private entities or corporations typically offer 401(k) and nonprofits offer 403(b).

"It's not enough to just open the 401(k) with your employer, you actually have to put money some money in but if you do your employer might also put money in - that's free money why wouldn't you take it?" Johndrow says.  

She also suggests a brokerage or an annuity  

"I always find that those who have a diversified set of accounts and assets tend to be the most successful in retirement," she says.

Johndrow says a Roth 401(k) or Roth IRA are great ideas for younger earners - but for those who are at their peak earning potential and who are in their late 40s or early 50s, a pre-taxed 401(k) probably makes a lot of sense.