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Get a high-yield savings account for this purpose to help your savings grow more quickly. Pick up some extra work. To be completely honest, I hate giving this piece of advice.
Losing your money in a high-yield savings account isn’t likely, especially at banks, credit unions and financial institutions backed by federal insurance of up to $250,000, but you could lose ...
The U.S. Government Accountability Office paints an equally dire picture. As of 2022, 32% of households with a worker age 55 and older had no savings for retirement or defined benefit plan. Don't miss
3. Figure out where the money for your retirement account will come from. You may need to consider some changes to your spending and earnings if you want to ramp up your retirement plan contributions.
But, according to the Fed’s latest Survey of Consumer Finances, 37.8% of people aged 45 to 54 and 43% of people aged 55 to 64 have no money set aside in dedicated retirement accounts.
Drum up the money Chances are, if you're 40 with no retirement savings, it's because you've been unable to comfortably afford individual retirement account (IRA) contributions.