Feel like you’re behind on your retirement savings? You’re not alone. According to a recent study from the Economic Policy Institute, the average family between the ages of 44 and 49 has only $81,437 saved for retirement. That number is $124,831 for those between ages 50 and 55 and $163,577 between ages 56 and 61.1 While those numbers might represent a good start, it’s fair to say they’re not sufficient to fund a long retirement.
Fortunately, you can take action to catch up. You may have to make some adjustments to your plans and vision, but you can still be able to fund an enjoyable retirement. Below are a few tips to get you started. The longer you wait, the more challenging your retirement might be.
It’s that time again. A new year has arrived. For many, the new year is a time for resolutions. Weight loss is a popular resolution, as are goals related to education and career advancement. Unfortunately, most people don’t stick with their resolutions. A recent study found that nearly 80 percent of all resolutions fail by February.1
Perhaps you have some financial goals among your list of resolutions. That could be a wise idea. With some simple changes in habit and behavior, you can significantly improve your financial picture. The key, of course, is to stay consistent and stick with your resolutions.
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