5 Things You Must Do in Your 40s to Prepare for Retirement
There may be a bigger retirement savings gap than many Americans are aware of. Nearly 63% of adult Americans in the United States have less than $50,000 in savings, according to a new GOBankingRates poll. In the same poll, it was discovered that more than 37% of respondents believed they needed less than $500,000 to retire, while almost 30% said they needed between $500,000 and $1 million.
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Many financial gurus advise saving at least $1 million, or more if you live in a more costly location, for retirement. The precise amount you need to save for retirement depends on your individual goals and living expenditures.
The earlier you begin to save for retirement, the better off you’ll be. Forty-one percent of respondents said they started saving before 30 years old; however, another 17% started between 31-40 years old and 12% didn’t start until 41-50 years old. Almost one-fourth of adults haven’t even begun yet.
It’s not too late to start saving for retirement if that describes where you now stand. For advice on how people in their 40s should approach retirement planning, GOBankingRates consulted with financial professionals.
Recent GOBankingRates research indicates that 63% of American adults have less than $50,000 saved for retirement. According to the same poll, more than 37% of respondents say they would need less than $500,000 to retire, and over 30% estimate they will need between $500,000 and $1,000,000 to do so.