HOW TO BOOST YOUR RETIREMENT FUNDS When Your Funds Are Lower Than They Should Be
Having money saved is crucial for adults age 50 or older who plan to retire in the near future. Some people are prepared for retirement, having saved a sufficient amount throughout their lives. However, there are people who, despite having tried to save, come up short in their retirement funds. This can send them into a panic. Women account for the largest percentage of people who don’t have enough money in their retirement savings by the time they reach the age of 50.
If you’re nearing retirement age, don’t fret — you still have options available to you. If you’re working, look into your company's retirement plan, especially if they offer a 401(k). According to the IRS, those who qualify (i.e., someone who joins the plan and is 50 years or older) can contribute up to $24,500 a year.
To learn more about what options are available, it's crucial you speak to a planning specialist. By working with someone who understands retirement, you’ll create a
A survey produced by the nonprofit Transamerica Center for Retirement Studies shows that many women who reach retirement age will not have adequate funds to support themselves. Despite having a higher savings rate, the average amount women have saved at the age of 50 is about $35,000, compared to $120,000 for men. What’s the reason behind this? According to the survey, women often have a large gap in their financial savings at some point in their lives. They are more likely to work part time or stop going to work to take care of family members in need. By working less, women tend to earn less money, which prevents them
solid plan and ensure that you successfully enter and enjoy your retirement.
from putting away sufficient funds for their retirement. This also affects whether or not they are covered by their employer’s retirement benefits, since most
employees are required to be full time in order to receive any benefits.
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