Late to Retirement Planning? 5 Strategies to Help You Catch Up to Your Peers

According to the Federal Reserve's most recent data on the matter, a bunch of older Americans are underinvested for retirement. Specifically, the Fed's 2022 survey of U.S. consumers' finances says the average value of 45-to-55-year-olds' retirement accounts is only $313,000. That's still miles away from the seven-figure sum most people think they'll need to enjoy a comfortable retirement. And that's an average skewed sharply higher by a small handful of very well-paid workers. The median retirement balance for this same crowd is even smaller at only $115,000, meaning half of these middle-aged people have saved even less for retirement.Similarly alarming dynamics also apply to workers over the age of 55, even if they do have more saved up. (They've had more time to grow their retirement, after all.) But they're still short of the amount of money they'd like to have accumulated at this stage of their life.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool