Late to Retirement Planning? 7 Strategies to Help You Catch Up to Your Peers
If you're behind in your saving and investing for retirement, you're not alone. According to the 2024 Retirement Confidence Survey, fully 47% of workers have less than $100,000 socked away, and 29% have less than $25,000. Yikes!Even if you have, say, $500,000 saved, that might be far from enough. After all, if you apply the 4% rule and take out 4% of that in your first year of retirement, adjusting future years' withdrawals for inflation, you'll only get $20,000 in your first year. Couple that with the average annual Social Security retirement benefit of around $23,750 (as of January), and you're looking at $43,750.Most retirees will need or want a lot more than that amount. Here are some ways to improve your financial situation.Continue reading
If you're behind in your saving and investing for retirement, you're not alone. According to the 2024 Retirement Confidence Survey, fully 47% of workers have less than $100,000 socked away, and 29% have less than $25,000. Yikes!
Even if you have, say, $500,000 saved, that might be far from enough. After all, if you apply the 4% rule and take out 4% of that in your first year of retirement, adjusting future years' withdrawals for inflation, you'll only get $20,000 in your first year. Couple that with the average annual Social Security retirement benefit of around $23,750 (as of January), and you're looking at $43,750.
Most retirees will need or want a lot more than that amount. Here are some ways to improve your financial situation.
