The final five years before you retire is when your financial journey transforms from a marathon into a quick sprint.
The average retirement age in America is 62, according to a survey by MassMutual (1), and if you’re in your late-50s or early-60s, your top priority should be bolstering your nest egg as much as possible.
Fortunately, for many people this age is also when their earnings are at their peak, their children are leaving the nest and their mortgage is close to being paid off. Unfortunately, many older Americans are not fully prepared for retirement. One in five adults across the country over the age of 50 have no retirement savings at all, according to AARP (2), and the median savings for those in their 50s and 60s is $441,611 and $539,068, respectively, according to Empower (3).
If you’re in a similar situation, here are five steps you can take to rapidly thicken your safety net in the next five years.
