We all know that building solid retirement savings takes years, even decades, for good reason. You can easily spend twenty or more years without a paycheck in retirement. That’s why financial advisers strongly encourage everybody to save early and often (just like voting in Chicago). But for millions of people, they are falling short on that front.
That’s particularly true of Americans aged 50 and older, as an AARP survey from last spring revealed.
The non-profit advocate for older adults found that one in five or 20% of Americans 50+ have no retirement savings at all. Even among those who are saving, 61% expressed concern that they won’t have enough money to support their lifestyle in retirement.
A retirement shortfall could force you to work longer, downsize, or drastically change your lifestyle to make ends meet in retirement.
When I was working more closely with a NFP, most of their elderly clients only had their Social Security to live off of, could you do that?