According to Employee Benefits Research Institute, many Baby Boomers and the Generation X-ers will run out of money for basic needs early in retirement– many within 10 years of going into retirement. And current studies show Millennials are on the same path.
How upsetting to be ready to retire – but learn you have to continue working to make ends meet. Or worse yet – to be in retirement only to find you have to return to the workforce.
What steps can you take to make sure you are not facing this challenge when you hope to be retired?
First – commit to contribute to your retirement savings with each pay check. How much? To get started, whatever you can afford. If that amount is $5-10 per paycheck – start with that. Getting in the habit of savings NOW will help you for the rest of your life.
Secondly – as your pay increases, commit to increasing the amount you put towards savings.
If you want to retire in the style YOU choose, put your retirement savings at the top of your list!
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