Listen up, baby boomers. More than half of adults 55 and older have less than $50,000 in retirement savings, and about one-third haven’t even started saving for retirement. That means many of you have a lot of catching up to do before you punch the clock for the last time.
Some boomers are fortunate to have a job with a pension. Those without that guaranteed source of income or any savings will be forced to survive on Social Security benefits or the support of their children. In some cases, baby boomers simply might not be able to retire at all.
If those scenarios don’t seem appealing to you, follow these expert tips to catch up on retirement savings.