2019-05-01 Woman's Day

110 MAY 2019 WOMANSDAYMAGAZINE

Family

RAMP UP

YOUR RETIREMENT

When life gets busy and responsibilities pile up, planning for

the future may not be top of mind. Read on for expert advice

for getting through the toughest roadblocks.

BY LIZZ SCHUMER

SAVINGS ROADBLOCK

YOU PUT OFF

PLANNING

According to Pew Research Center,

roughly one in seven middle-aged

adults financially supports both

children and parents. That means

you might not have much left to set

aside for yourself. But the earlier

you begin, the bigger the amount

you put away will grow. It’s never

too late to start.

TRY THIS Supercharge

Yo u r S av i n g s

No matter what your retirement

accounts look like today, it’s

possible to gain ground. Consider

the power of compound interest:

If you set aside $10,000 in a high-

y ield CD this year, by 2030 you’ll

have earned more than $3,000 on

your original investment. Twenty

years later, you’ll have $17,500.

Plus, if you’re 50 or older, you can

take advantage of “catch-up” IRA

contributions: For 2019, you can

contribute up to $7,000 ($6,000

is the max for people under 50). But

keep in mind that “there’s no one-

size-fits-all model for investing,”

says Jill Schlesinger, author of The

Dumb Things Smart People Do With

Their Money. To get a clear picture

of where you stand and what you can

afford to contribute, use a calculator

like the one at choosetosave.org.

LESS THAN

$25,000

Amount that one-

third of baby boomers

have saved in their

retirement funds.

SOURCE: Northwestern

Mutual

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