6 Ways To Catch Up If You're Behind On Retirement Savings

Most financial advisers agree: The simplest way to ensure you retire comfortably is to start saving early and let the power of compound interest work for you over time. But what if you got a late start or financial troubles in middle age ate into your nest egg and now you’re playing catch-up?

The hard reality is that the vast majority of Americans get a late start on retirement planning. Here’s proof: a 2014 survey from the Bankrate.com personal finance site found that more than one-third of Americans don’t have a penny saved for retirement — including more than a quarter of those age 50 to 64.

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Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

Women and Retirement

Retirement planning is important for all Americans, but the importance is heightened for women. The retirement deck is stacked against women in several ways, including generally lower pay compared to men and lower Social Security benefits upon retirement. Social components include greater likelihood of caregiving responsibilities resulting in increased part-time work or time out of the workforce. Since women outlive men by 4.8 years on average, they also have a longer retirement period.

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Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755