In this episode, A.B. Ridgeway dives deep into the concerning statistics surrounding older Americans and their lack of retirement preparation. Alongside CBS News Money Watch Associate Managing Editor Amy Piki, A.B. highlights the reasons behind this unpreparedness and offers practical advice on how individuals can take charge of their retirement planning, even if they are late to start.

3 Key Takeaways:

1. A Significant Number of Older Americans Lack Retirement Accounts According to the episode, 27% of individuals aged 59 and older do not have any form of retirement account, making it difficult for them to achieve financial security in their later years.
2. Social Security Isn't a Retirement Plan The episode stresses that Social Security benefits are projected to be reduced to 77 cents on the dollar by 2035. Relying solely on Social Security for retirement can lead to financial struggles, emphasizing the need for personal savings.
3. It's Never Too Late: Catch-Up Contributions Those aged 50 and older can take advantage of catch-up contributions, allowing them to save more in tax-deferred retirement accounts. A.B. explains that this is a great way to build a retirement cushion, even if you're starting late.

3 Quotes:

1. "The idea that people don't even have these accounts is startling because you can't start something you don't even have."
2. "Saving for retirement is do-it-yourself. You have to develop your own plan, create your own individual retirement account, and contribute to your own 401k."
3. "No one is going to save you. If you depend on the government or Social Security alone, you might find yourself financially unprepared in retirement."

If you haven’t started saving for retirement, it’s time to take action. Whether it’s setting up an IRA or increasing your 401k contributions, your future self will thank you. For more personalized guidance, reach out to a trusted financial advisor like A.B. Ridgeway.

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