2. Many workers lack retirement savings
Northwestern Mutual did a study on retirement preparedness among baby boomers and found that 17%, or 1 in 5 had less than $5,000 in retirement savings while 20% had less than $5,000 in personal savings.
The recommendation? Start saving aggressively if you’re in this age group because, believe it or not, retirement is just around the corner and you don’t want to rely on Social Security alone, especially as you’re likely have bigger medical bills to pay as you age.
Take advantage of catch up contributions and meet with a financial planner that will help you come up with a budget plan.
Obviously, the longer you have until you plan on exiting the workforce, the better. Every day counts, so don’t plan on starting to tackle your finances seriously ‘tomorrow’ or even ‘later’. Do it now- your future self will thank you!
