Submitted by Kate Hennessy on June 23, 2019
The reason is usually two-fold – you don’t have access to a retirement account (like 401Ks), or you don’t make it a priority. But, let’s be realistic – those that don’t make it a priority, may have other obligations like student loans, building a business and raising a family.
Here’s reality – a recent study found that the median retirement savings for Americans between age 55 and 64 was $107,000. This sum would only translate into $3,000 - $4,000 per year in retirement - hardly enough to cover the cost of living. If you are reading this newsletter, you are likely doing better than the average American. However, we still find many HENRYs (High Earners, Not Rich Yet) are not saving much beyond their 401Ks, so they are not on track to meet their retirement needs.
If you find yourself at a crossroads, here are three steps that you can do today to get yourself back on track: