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Baby Boomer Fix For Retirement Savings? Play 'Catch-Up'

Wednesday, April 3, 2013 - 8:13 AM
After age 67 Americans won’t have nearly enough money to make it to age 86 -- the age U.S. workers estimate they’ll live to in retirement. As a result, boomers need to start playing “catch up” right away via individual retirement accounts.

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ShorebreakShorebreak2,371 posts since
Apr 6, 2010
Rep Points: 12,648
1. Thursday, April 18, 2013 - 7:02 AM
There are. You can max out your IRA and 401-k contributions during this time. You can also make use of Defined Benefit plans which pay a target level of benefits at a retirement age. These plans technically work in the same way retirement plans work; however, the benefits are based on the percentage of your salary, years of service or a monthly dollar amount. Furthermore, take advantage of the years you have left before you retire. Increase your contributions and look for other ways to invest your money in. Make sure that you keep track of your finances during this time. You can check credit score for free by submitting your credit reports, or you can simply order your credit reports to assess your credit score. There are other ways to save up for your retirement savings, you can visit http://www.articlesbase.com/personal-finance-articles/4-budgeting-tips-for-baby-boomers-approaching-retirement-6514672.html to learn more about them.
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joymalijoymali16 posts since
Apr 6, 2013
Rep Points: 23
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