It’s starting to get real for soon-to-be retirees — and their adult kids, who may very well find themselves telling mom and dad, “If you’re going to live in my basement, you need to act like adults and pick up your own dirty laundry.”
The median retirement savings balance for Americans age 55 to 64 is an underwhelming $104,000, according to a 2015 study by the U.S. Government Accountability Office. These are folks who are technically just two to 12 years away from “full retirement age,” as defined by the Social Security Administration. That’s a “moving in with your kids” amount of money for retirees who need their investments to support them for another 20 or 30 years.
Even if you’re decades away from the prospect of showing up on your youngest child’s doorstep with your luggage and laundry, you may want to act now to save more for your future. Here are five ways to play retirement savings catch-up.
1. Fire your overpriced money people: Good for you if you know how much you pay annually in investment fees (on the mutual funds you own, the 401(k) plan you contribute to and any pros you pay for advice). Many people don’t. Even fewer realize how much investment fees really cost them.
2. Sequester and invest “other money” right away
3. Start acting like a millennial
4. Change your “due date”
5. Be selfish about what you’re saving for
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