CNBC.com published an article entitled “Why 401(k) savers don’t have enough to retire” on October 30, 2013 that reports most Americans create debt faster than they can save, leading to inadquate funding for retirement. In response, Finance Acceleration provides a few key ways to ensuring financially stability during retirement.
According to a recent report by HelloWallet, half of those with a 401(k) plan between the ages of 50-65 are accruing debt must faster than they can save. As a result of debt and lower than expected yields, such Americans are estimated to only have enough to cover 2 years of retirement.
In response to the fact that half of Americans approaching retirement may not have adequate savings, Finance Acceleration reveals ways to finance retirement. One of the most important things to consider is a stream of income, and investing in property is an example. Another option to create a diverse investment portfolio.
“As you plan for retirement, it’s important to eliminate debt in the years leading up to the day you actually retire. Paying off previous debts means there is less money available to pay for the future. If this is the case, a source of income may become essential,” says the senior editor of Finance Acceleration.
An article published on CNBC.com reports that despite investing into a 401(k), many Americans do not have enough money for retirement due the inability to save as fast as they spend. With 401(k) savers in mind, Finance Acceleration announces ways to maintain financial stability during retirement.