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While this rule might not work for everyone, Wise considers it a good starting point.
Yet, many retirees and soon-to-be retirees are falling far short of this goal.
Heres a look at where Gen X and boomersretirement savings actually stand in relation to the 10x rule.
Wise offered some advice for Gen Xers who need to catch up on savings before they retire.
One of the first things you should do is consult an expert.
These are known as catch-up contributions.
The catch-up contribution limit for individuals 50 and older is $7,500.
That means someone 50 or older could contribute up to $30,500 per year.
Finally, Wise said to be very mindful of how you handle your retirement savings going forward.
A big factor is time, Wise said.
This means there are many boomers who need to bridge that gap before retiring.
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