Everyone would like to retire comfortably, but the grim reality is that many people simply won’t have enough retirement income to do so because of their poor money management habits. According to a study conducted by the Federal Reserve and released in August, 19% of all Americans near retirement age (age 55-64) have absolutely no money saved for retirement. Expand this age range to all adults, and the reality of Americans’ poor savings rate is even clearer: 31% of adults in this country have no savings whatsoever.
Key Takeaways:
- Continuing to work is a necessity for some, who need the income or health benefits.
- Forthcoming analysis from the center found that a career shift in your 50s could help you stay in the workforce longer, ultimately improving your prospects for a financially secure retirement.
- The older you are, the tougher it can be to recover financially from a new career that doesn’t pan out.
“Forthcoming analysis from the center found that a career shift in your 50s could help you stay in the workforce longer, ultimately improving your prospects for a financially secure retirement.”
Leave a Reply