Don’t let falling behind on retirement savings ruin your future
- 22% of adults have no retirement savings
- 64% are worried about not having enough money in retirement
- 47% of adults think they will need to work part-time in retirement
- AARP has launched a campaign called ‘This is Pretirement’ to raise awareness
- Create a budget and plan for retirement
- Consider catch-up contributions to retirement accounts
- Check your Social Security statement for errors
- Prepare for the cost of long-term care
- Leverage your skills to earn more money
- Save as much as possible and avoid borrowing for college
For a substantial number of people approaching retirement, the future looks grim. More than one in five adults have no retirement savings, and many are worried about not having enough money in their later years. To address this issue, AARP has launched a campaign called ‘This is Pretirement’ to raise awareness and provide resources. Here are four steps to catch up on retirement savings: 1. Create a budget and plan for retirement. Make sure you have a comprehensive plan in place. 2. Consider catch-up contributions to your retirement accounts. Starting at age 50, you can make extra investments to boost your savings. 3. Check your Social Security statement for errors and maximize your benefits. 4. Prepare for the cost of long-term care and leverage your skills to earn more money. Save as much as possible and avoid borrowing for college. Remember, your retirement is likely going to be financed by your own savings and investments, so it’s important to take action now and save as much as possible.
Public Companies: AARP (null)
Private Companies: Ad Council
Key People: Mary Liz Burns (Senior Director of Communications Strategy at AARP), David Schneider (Founder of Schneider Wealth Strategies), JB Beckett (Founder of the Beckett Financial Group), Joel Russo (Founder of N.J. Retirement Planning), Eric Bond (Wealth Manager with Bond Wealth Management)
Factuality Level: 7
Justification: The article provides statistics from AARP to support the claim that a substantial number of people approaching retirement have low savings and high anxiety. It also includes quotes from experts and financial advisers who provide advice on saving for retirement. However, the article lacks specific sources for some of the information and does not provide a balanced perspective on the issue.
Noise Level: 4
Justification: The article provides some useful information and tips on saving for retirement, but it also contains some repetitive information and general statements without much depth. It lacks scientific rigor and intellectual honesty, as it does not provide evidence or data to support its claims. Overall, the article is somewhat relevant but could benefit from more analysis and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the financial concerns and challenges faced by individuals approaching retirement. It provides tips and advice on saving for retirement and maximizing retirement efforts. While it pertains to financial topics, there is no mention of any extreme events or their impact.
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