No matter how serious you are about saving, you can maximize your savings by taking advantage of catch-up contributions.
You’re not alone if you’re 50 or older and feeling behind on your retirement savings. Often, people reach their peak earning years without having saved enough for the retirement they envisioned. A Bankrate survey found that 57 percent of Americans are behind on their retirement savings—a trend that appears to be particularly pronounced among older workers. Specifically, 68 percent of Gen X workers (ages 44–49) and 66 percent of baby boomers (ages 60–78) feel that they are behind on their retirement savings.
Moreover, AARP research shows 20 percent of people over 50 don’t have retirement savings. Additionally, over half (61 percent) worry about having insufficient funds for retirement.
