Americans in their 50s may face retirement savings shortfall

Key Points:

– Many Americans in their 50s may not have enough savings to retire comfortably.
– According to a recent study, the average savings of Americans in their 50s is only $124,831.
– Financial experts recommend having at least six times your annual income saved by age 50, but many fall short of this goal.
– Factors like job loss, health issues, and unexpected expenses can contribute to the lack of retirement savings.
– Delaying retirement, working part-time, and reducing expenses are some strategies that can help bridge the gap.

Hot take:

It seems that some Americans may have to rethink their retirement plans and embrace their inner squirrel by squirreling away more nuts (money) to ensure a comfortable future. A lifetime of hard work should lead to a peaceful retirement, not a struggle with bills and budgeting. So, it’s time to hustle and get those retirement savings on track. Remember, you don’t want to spend your golden years counting pennies – unless you’re collecting for a wishing well!

Original article: https://www.cnbc.com/2023/08/21/how-much-money-americans-in-their-50s-have-in-their-401ks.html