Everyone knows we should be socking away some cash during our career so we can live out our golden years in comfort. But for a lot of people, reality just doesn't cooperate with that lovely picture. If you're on the back side of your career but still working, is it a lost cause? Forbes says no! We've got some hot tips for older folks who are behind on their retirement savings - it’s all about making smart moves to catch up. Let's see how to save the day (and the dollars)!
Here are Five Fast Facts on older workers catching up on retirement:
- 👀 Few Boomers Are Ready - Just 28% of Boomers (those in their 60s) have enough retirement savings. That’s like only 3 out of 10 kids in class having enough snacks for a very long and expensive field trip!
- 🧓 More Seniors Working - Almost 3 million more people over 65 are still working compared to 10 years ago, probably because they want to afford more than just instant noodles in retirement.
- 💰 High-Paying Jobs - Consider upgrading your job, especially to things like Sales Manager ($66.38/hour) or Accountant ($39.27/hour), which are perfect for older pros - high paying but not physically demanding. It’s a way to bag extra cash without breaking a sweat (literally), especially if you have the experience and skills to do it.
- 🚚 Location, Location, Location - There's no getting around it, some places are just more expensive to live than others. If you need to stretch your dollars, you might be wise to pull up stakes and get outta Dodge. Your wallet will thank you!
- 🤹 Side Hustles Save the Day - Starting a side gig, like consulting or freelancing, can boost savings without quitting your day job. It’s like running a lemonade stand while still doing your homework!
🔥Bottom line: It may not be easy, but it's at least possible. Make some changes, stretch things out, and you just might have a shot at those golden years of relaxation after all (just maybe a bit later than you planned).
Are you trying to catch up on your retirement?
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