You’re not ready to leave the workforce yet, but retirement is on your mind. When you do set off into your golden years, you want to make sure you have the money to enjoy yourself.
The average expected retirement age among non-retirees is 66 years old, according to Gallup. This is a notable increase from 1995, when people expected to retire at age 60.
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Retiring later means you’ll have more time to save money, but it’s important to stay focused on that. By age 50-54, the average American has $146,068.38 in retirement savings , according to 2019-2020 Federal Reserve SCF data. This number rises to $206,819.35 for the 65-69 year-old age group.
Hopefully you’re on track with your retirement savings, but if not, don’t panic. Now is the time to assess your finances and create a plan to get on track if your savings account isn’t where it should be.
During your pre-retirement years, you also need to hone your money skills. Ensuring you’re getting the most from your dollar now and educating yourself on smart money moves for retirement will help you financially prepare to exit the workforce.
GOBankingRates spoke with several financial experts to find out what money skills you need to be sharpening if you are in your 50s or 60s. Keep reading to see what they had to say.