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How To Salvage Your Retirement

Thursday, August 22, 2013 - 6:21 PM
From US News and World Report:
According to the latest study from the National Institute on Retirement Security, if you are from an average U.S. household, you are definitely not prepared. Many of us are way behind on saving for retirement, especially those who are without retirement accounts such as the 401(k) and the Roth IRA.

According to the NIRS, the median retirement savings balance for all working-age households is merely $3,000. Sure, that includes young people who haven't saved much, but the near-retirement households aren't doing much better. The median retirement saving balance for households ages 55-64 is just $12,000. A lot of families are going to have a rude awakening when they finally retire and realize they have to downgrade their lifestyle significantly.

Households with retirement accounts such as the 401(k) and the Roth IRA have a significantly higher income and wealth. Those households (55-64) have a bigger retirement savings median at $100,000. That's better, but even that figure is quite low. If you find yourself near retirement without a lot in retirement savings, you will need to work hard now to salvage your retirement.

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