If you feel like you are behind on your retirement savings you may be in better standing than you realize. As you reach 50, you’ll want to really start thinking about retirement and whether you need to be saving more as you reach retirement age. On today’s show, we will discuss some ways you can catch up on saving for retirement if you feel like a “late bloomer.”
Catch-up contributions allow you to put more into your retirement accounts. As kids come off the payroll, the money you were putting towards a phone bill or college tuition can start going towards your retirement. You probably have less debt as you enter your prime earning years, meaning less money is going outside of the household. We will also go over downsizing and whether working into retirement can help your retirement plan.
What we discuss on the show:
0:50 – Happy Thanksgiving!
2:26 – People who feel they are behind
4:30 – Catch up contributions
6:51 – Kids are off the payroll
9:41 – Disappearing debt
11:16 – House downsizing
14:00 – Working into retirement