Late to the Retirement Savings Game? Here Are 5 Ways to Catch Up

Because Social Security won't be enough to sustain the average American in retirement, it's critical to save independently for the future. But unfortunately, a large number of near-retirees are glaringly behind in this regard.

According to the Economic Policy Institute (EPI), the average household aged 56-61 has $163,577 available for retirement. And while that might seem like a decent chunk of cash, it actually only translates into $6,543 a year over a 25-year period. Furthermore, while the average savings balance for baby boomers is $163,577, the median balance for that age group is a mere $17,000, which means that many older workers have much less than the average. Worse yet, the EPI also reports that more than 40% of baby boomers have no retirement savings at all.

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Source: Fool.com