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Inflation, combined with exploding rates have taken a toll on savings and left little forretirement.
With Just a Decade until Retirement, How Can This Cohort Right the Ship?
The Prudential survey also identifies the rise of the silver squatters.
That is, the older adults who will need financial help from their children.
Dont give up entirely just because you dont already have a million dollars saved, said Enright.
And if you havent already mastered the basics, the time is now, he added.
For example, one of my clients left Idaho to retire in California.
In fact, his cost of living in California was 38% more than in Idaho.
Finally, dont overlook estate planning.
Most people neglect this critical part of retirement planning because its simply uncomfortable to think about, he said.
If you havent factored these into your budget for retirement preparation, do so as soon as you might.
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