Good Lifestyle

Most of us dream of the day we can hang up our work clothes for good, knowing that it takes decades of planning and save Before reaching this point. But what happens if you reach sixty and you don't have enough money at the bank to retire? This is a question that many in the United States are asking these days, because the majority of people fear that they are late in retirement savings

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A Survey in September 2023 De Bankrate found that more than half of Americans are concerned about their retirement prospects. The researchers spoke to more than 2,527 American adults, 1,301 of them being either a full -time or part -time worker, or temporarily unemployed. According to the survey, 56% say they believe they are "considerably late" on their retirement savings.

In comparison, only 21% of respondents said they felt like they were on the right track, while 16% said they thought they were really ahead of their savings.

"In the midst of tumultuous developments in recent years, including a short but severe recession and a period of high and sustained inflation, the majority of Americans say that they are not where they must be to achieve their savings objectives -retirement", " Mark Hamrick , Said Bankrate's principal economic analyst in a statement. "Compared to our investigation about a year ago, there was no progress on this front. Those who are closer to retirement age are among those who feel the most emergency."

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But what does it really mean to be late in retirement savings? When the respondents were asked for how much money they would have "needed to retire comfortably" for the Bankrate's investigation, 1 in 4 workers admitted that they did not really know what the ideal amount is.

According to Rebecca Awram ,, financial expert And the mortgage advisor at the senior loan center, a way of knowing if you are behind is to "compare yourself to the benchmarks and the sums of money that are recommended by savings according to your age". For example, it is recommended that people generally have about 10 times their salary saved to retire at 65.

"Usually, when people say they are late in retirement economies, they refer to general landmarks compared to their age," said Awram Better life . "However, this is intimidating because, as suggested, most adults of each generation are far behind this reference."

In that spirit, Awram advises people that people use a different approach to determine if they are really "behind" instead.

"More useful would be to calculate what you need for retirement according to your budget and current assets and how they are prospered to change," she said.

For example, nearly a third of the Bankrate survey workers said they should save more than a million dollars in order to retire comfortably.

"If you are well behind but you are prospered to repay your mortgage before retiring, you are much better than you think," said Awram.

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On the other hand, if you are not there either - do not panic. There are several things you can do to catch up, according to Awram. First of all: check how much you really contribute. AE0FCC31AE342FD3A1346EBB1F342FCB

"Make sure you master your contribution to retirement accounts recorded and that you are inquiring with your employer if you have a counterpart program," she recommends.

If you approach retirement age, Awram says you should also consider your loan options.

"Make sure to maximize your borrowing power before leaving your job and leaving the income stable behind. Like many loans have a income requirement, approval is much easier before retiring," Share- she. "A line of credit that does not engage in interest before used can serve as an excellent retired emergency fund. It is always preferable to have it and not to use it only to need it and not to have it. "

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Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.