Should you be worried? Average 55 year old only has 55k in retirement (#316)

In this episode of "Financial Advisors Say The Darndest Things," host A.B. Ridgeway delves into the alarming statistic that the average 55-year-old has less than $55,000 saved for retirement. The discussion emphasizes the importance of starting to save early, utilizing catch-up contributions for those nearing retirement, and delaying Social Security benefits to maximize income. With insights from financial experts, this episode provides practical advice for improving retirement readiness, especially for those who are behind on their savings.

Key Takeaways:

1. Start Saving Early: Younger generations are beginning to save for retirement earlier than previous ones, which is crucial for long-term financial stability.
2. Catch-Up Strategies for Those Nearing Retirement: If you're over 50, take advantage of catch-up contributions to your 401k and IRAs. This is a critical step to improve your retirement savings.
3. Delay Social Security Benefits: To maximize your Social Security income, consider delaying your benefits until age 70. This strategy can significantly enhance your financial security in retirement.

Notable Quotes:

1. "Unfortunately, we are outliving the money we are putting aside and we need to do better."
2. "Good investing is pretty boring. You invest, you let it grow, you contribute, you save, and you wait."
3. "The longer you can keep working, keep your skills up to date, stay in the job market, you can push back taking that Social Security and really improve your retirement security in the future."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: Yahoo