- ORIGINAL NEWS
Saving for retirement in your 50s can be ‘really stress-inducing,’ expert says. These tips can help
- SUMMARY
As you approach your 50s, retirement planning becomes more pressing, but many Americans feel unprepared.
Generation X, in particular, faces challenges balancing care for aging relatives and children, leading to financial setbacks.
They often have limited retirement savings compared to other generations.
Experts suggest visualizing your retirement lifestyle, creating a plan, and adjusting it as needed.
Consider when you can afford to retire, how to make your savings last, and how to obtain health care coverage.
Take advantage of catch-up contributions for retirement savings and review your Social Security statement and work records.
Consider consulting a financial professional to address blind spots and create a comprehensive retirement plan.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Experts say even in your 50s, it’s not too late to take steps to get in better financial shape.”
“Once you hit age 50, you’re eligible for what’s known as catch-up contributions.”
Negative
“But research shows that many Americans reach that decade feeling financially unprepared for what’s ahead.”
“The average retirement age actually falls around 61 or 62, according to Dogan, as many people retire earlier than expected because they become caregivers, get pushed out at work or see their health status change.”