The Clock Is Ticking: Retirement Planning Later In Your Career
Are you ready for retirement? Sure, youre mentally prepared to leave the everyday rat race, to throw your alarm clock in the garbage, and to spend your days doing whatever you so please. The question is: are you ready financially? If youre like most Baby Boomers, the answer is probably no.
A recent study by the Employee Benefits Research Institute showed that over 50 percent of workers ages 45 to 54 have less than $50,000 saved for retirement. The Center for Retirement Research (CRR) at Boston College completed a study that showed nearly 54 percent of low-income Baby Boomers born between 1955 and 1964 are at risk for missing their retirement savings goal. Research by Fidelity Investments shows that most Baby Boomers have enough saved for retirement to replace just 59 percent of their full-time working income. The numbers dont lie: most Boomers are not ready to retire, regardless of what they think.
But all is not lost. Its never too late to start planning your retirement. However, the closer you get to retirement age, the more aggressively you need to save. Its also possible that you might have...
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