For many 50-year-olds, the magic number for retirement feels like a moving target. Even though building solid retirement savings takes years, even decades, millions of people are falling short in this regard.
That’s particularly true of Americans age 50 and older, as a recent AARP survey revealed. The nonprofit advocate for older adults found that one in five or 20% of Americans 50-plus have no retirement savings at all. Even among those who are saving, 61% expressed concern that they won’t have enough money to support their lifestyle in retirement.
That's bad news. A retirement shortfall could force you to work longer, downsize, or drastically change your lifestyle to make ends meet.
