Fortunately, worthwhile steps can often be taken to boost their nest-eggs in the countdown to retiring.
Perhaps family obligations and/or work circumstances made it difficult to put aside enough money towards retirement. Perhaps, inertia or procrastination played a part.
Ideally, you should begin to save for retirement as early as possible in your working life. (See the recent Smart Investing blog 'Save early, save often'.)
Early savers have the formidable advantage of compounding over the long haul as investment returns are earned on past returns as well as the original capital (including super contributions). And saving early may ease the pressure of a late dash to save as much as possible in the final years before retiring.
Ways to potentially boost lagging retirement savings for those aged 50-plus include:
Maybe the bottom-line is to face reality. Preferably, you should have started to save seriously much earlier. Now It is a matter of saving as much as possible while still in the workforce.
Robin Bowerman
Head of Market Strategy and Communications at Vanguard.
05 February 2017
www.vanguardinvestments.com.au
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