Are You Behind on Your Retirement Savings? Consider These Strategies to Get Ahead
Written by Selena Maranjian for The Motley Fool -> Simply delaying your retirement is a very effective move. Delaying claiming Social Security will also serve most people well. Be sure to have an overall plan in place -- and then act on it. If you're behind in saving and inve
Delaying claiming Social Security will also serve most people well.
Be sure to have an overall plan in place -- and then act on it.
If you're behind in saving and investing for retirement, you're far from alone. A study from the National Institute on Retirement Security (NIRS) found that among workers aged 21 to 64, the median sum saved for retirement in a defined contribution plan (such as a 401(k)) was just $955 as of 2023.
Meanwhile, a Bankrate study found that 52% of workers expect Social Security to support them in retirement. That's particularly troubling, because the average monthly retirement benefit, as of April, was just $2,081 -- or about $25,000 annually. That won't support anyone very well these days.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Moreover, the Social Security program is facing a funding shortfall . If nothing is done, retirees will receive only around three-quarters of the benefits they're due. Still, all is not lost.
So what can you do if you're among the many millions who haven't socked away enough for retirement? Well, all is not lost. As long as you're still working, there are multiple strategies to consider:
Whatever you do, have a good plan -- and stick to it. Be sure you're planning for healthcare costs and how you'll handle them, as well as for inflation , which can wreak havoc on retirement.
