In a recent article, a Motley Fool writer made a familiar observation about the retirement savings shortfall facing most folks…
“…workers between 55 and 64 with retirement savings have a median of $120,000 set aside for the future. Those aged 65 to 74, meanwhile, have a median of $126,000. Both groups, collectively, have roughly 12% of the $1 million we’re all supposed to be aiming for, and that’s clearly not good.”
Like most of these types of articles, the piece does a pretty good job of identifying the problem… even tying specific numbers to the issue… But when it comes to suggesting solutions?
The summary might best be stated as “You’re screwed Pops.”
And this from a publication that’s supposedly all about helping you grow your money.
Here’s my solution… Do ramp up your savings/retirement contributions in the ways suggested in the article. Extend your working years if at all possible.
And get a sidehustle going… now. Make sure it’s 1 that you can continue well into retirement…
In case you’ve never been to my site, I think trading is the clear winner amongst sidehustles, but whatever you choose, get going sooner rather than later.
Your retirement years will thank you.