Many Americans fail to plan properly for their retirements. In some cases, they put paying monthly bills, home renovations and even planning a vacation ahead of saving for retirement.

Data from a 2010 Employee Benefit Research Institute study found that retirement finances for early baby boomers were at risk. Almost half of them didn’t have resources to pay for “basic retirement expenditures and uninsured health care costs.”

In a separate report, the institute found that estimating the amount of retirement savings you’ll need makes a difference. Workers who did so, calculated their nest egg should be at least one $1 million.

Which brings us to today’s Just Explain It.

What’s the best way to retire with $1.5 million in savings?

We asked Doug Wheat, a Certified Financial Planner at Family Wealth Management, to help us figure it all out.

Saving $1.5 million will provide a very comfortable nest egg for most professional couples in retirement, and here’s why.

Wheat says a safe initial

In last month’s State Of The Union speech, President Obama asked Congress to raise the federal minimum wage.

“Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to $9.00 an hour,” Obama said. “This single step would raise the incomes of millions of working families.”

According to the White House, raising the minimum wage would boost the earnings for 15 million American workers. The president’s plan would increase the current rate of $7.25 an hour to $9 in 2015. Mostly women and teenagers would benefit from the increase.

At this point, the president’s plan is only a proposal. The idea would have to pass a very partisan Congress with opposition from the business community.

Republican Representative Paul Ryan responded calling the increase "inflationary" and "counterproductive."

Which brings us to today’s Just Explain It.

What’s the history of today’s minimum wage law, and why do