Late to Retirement Savings? Here’s Your Game Plan
Social Security will replace just about 40% of pre-retirement income, meaning retirees will need income from other sources just to exist, never mind a fanciful retirement of travel and one that is worry free. Individual Retirement Accounts (IRAs) and the 401k plans offered by most companies are the general vehicles people use to save. The key is to start saving early to benefit from compound interest over time. Maurie Backman offers four pieces of advice if you’ve reach 50 or more and not yet started saving: 1. Don’t panic– breathe and regroup; 2. Cut expenses to boost your savings rate; 3. Invest as aggressively as you can; 4. Make plans to work a bit longer. Read full article here.