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Picture your retirement based on your current savings and investments; what do you see? Are you comfortable? Happy? Healthy? Do you have everything you need?
If your answer to most of these questions was no, it might be time to consider a new strategy. Whether you started investing in your retirement twenty years ago or have never invested a dime—the time to get serious is now.
The truth is most Americans don’t have adequate retirement savings to live out their retired years in the comfort they deserve, desire, or expect.
According to the Government Accounting Office, in 2016 nearly half (48%) of Americans over age 55 had no retirement savings at all. Their plan was to live solely on their Social Security benefits. While Social Security is an essential part of retirement income, it is not enough to sustain most people. Check out this Social Security benefit estimator.
If you’re already saving for retirement that’s great, but savings alone are unlikely to provide you with an adequate quality of life in your golden years. Investing is crucial not only because it puts your savings to work, but because it helps your retirement nest egg keep up with inflation. If you’re curious as to how much inflation could affect your retirement fund, check out this inflation calculator.
Investing in retirement can seem intimidating, but it doesn’t have to be. It’s an opportunity to build your future, and it’s never too late to start—no matter what stage of life you’re in.