Save more for retirement
If they had started early, with minimal discipline, this mistake could have been avoided. When people reach their 50s, they start to see retirement on the horizon. They envision stopping work, golfing, lounging on the beach, or just spending time their families. Unfortunately, most people have not saved nearly enough for retirement.
A recent survey by the Employee Benefit Research Institute revealed that 60 percent of baby boomers have less than $100,000 for retirement. In fact, 40 percent have saved less than $25,000. Forget the amount saved, this group dramatically underestimates what the retirement years will cost. The costs of leisure, living expenses, and health care are more costly than most realize. Throw in inflation and you have some real challenges. Social Security will not be enough. Early planning and disciplined savings makes this picture better.
--William Harris, WH Cornerstone, Duxbury, Mass., 02331, email@example.com