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For myriad reasons, Jennifer James reached age 50 without any retirement savings to speak of. Like many people, life got in the way of James’ ability to properly prepare for her financial future.
As of 2022, 50-year-olds had a median retirement savings balance of $115,000, per the Federal Reserve. If you want to use that as a benchmark, it leaves you with some serious catching up to do.
You save 12% of your income for retirement, including any employer match to your 401(k) or other workplace retirement plan. That means $9,673 per year, or $806 per month. That means $9,673 per ...
Unfortunately, an estimated 20% of Americans aged 50 and over have no retirement savings, says AARP. And that perhaps explains why the median retirement savings balance among Americans aged 65 to ...
A 2024 survey by AARP found that 20% of Americans ages 50 and over have no retirement savings and more than half (61%) are worried they will not have enough money to support them in retirement.
At age 50, you can start making extra contributions to your tax-sheltered retirement accounts (called catch-up contributions). Younger workers can only contribute $23,000 to their 401(k)s and ...
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