Tag

Catching Up

All articles tagged with #catching up

personal-finance1 year ago•4 min saved

"Retirement Savings Reality Check: Are You Prepared or Falling Behind?"

The Federal Reserve's 2022 Survey of Consumer Finances reveals that almost half of American families don't have dedicated retirement accounts, with median savings varying by age. The article provides a breakdown of median retirement savings and the percentage of those with accounts by age bracket. It also emphasizes the importance of developing a retirement plan tailored to individual circumstances and offers strategies for catching up on savings, including seeking financial advice and exploring additional sources of income.

via Yahoo Finance|

#catching-up #financial-planning #median-savings

personal-finance2 years ago•4 min saved

Retirement Savings Struggles Pushing Adults Back into the Workforce

A Bankrate survey found that 56% of American adults in the workforce feel behind on their retirement savings, with 37% feeling significantly behind. Experts suggest using online tools and benchmarks to determine if you're behind and how much you need to save. Comparing oneself to benchmarks can be stressful, but having specific information is better than none. Generation Xers and baby boomers reported feeling the most behind, likely due to nearing retirement and realizing they haven't saved enough. To catch up, experts recommend increasing contribution rates and taking advantage of employer matches. Starting early and allowing gains to compound over time is crucial for younger workers.

via CNBC|

#benchmarks #catching-up #contribution-rates