We all have different reasons for putting off retirement savings during our careers. In our 20s, our income tends to get monopolized by student loans. In our 30s, we’re buying homes and grappling with the cost of having kids. And in our 40s and 50s, we’re paying for college and shelling out a small fortune to maintain the homes we bought years ago that are starting to show their age.
All of this might explain why nearly half of Americans 55 and older have no retirement savings to speak of. And while that might be a byproduct of missed opportunity for some, for others, it may be intentional. In fact, some workers purposely delay retirement savings with the intent to catch up later in life. But if that’s your plan for retirement, you may want to rethink it, because the chance to play catch-up in your late 50s or 60s may not actually be there for you in the end.