As the economy continues its slow-motion recovery, many Garden State residents are using their entire salaries for day-to-day expenses, and ignoring saving for retirement.

Flickr User 401k

Financial experts do not think this is a very good idea.

"People should be saving at least 10 to 15 percent of their money, and I think it's most important that people use their qualified plans, their 401 K's, the 403 B's as well as Roth IRA's," said President and CEO of Ventura Wealth Management, Nick Ventura.

He pointed out that, all too often, participation rates in retirement plans are low.

"And that should be the first go-to place for your retirement savings because that's tax-sheltered," Ventura explained.

Ventura also stressed while some people think it's probably too late to move money into the stock market, that's not necessarily true.

"Even though the stock market has gone up substantially, it has still not reached a point of being over-valued," he said. "We continue to promote both balanced funds and equity funds for retirement holdings, but do make sure you hold them in the right account."