For the group of Americans 60+ years, 13% reported they had no savings for retirement but 45% perceived that they were prepared for retirement. The financial Red Zone refers to the 5 years leading up to one’s retirement. When a football team gets the ball inside the opposing team’s 20-yard line, they are considered to be in the red zone. Although, before you set your retirement plan in motion, there are a few factors to assess which could impact your retirement. Out of concern that baby boomers were not saving enough for their retirement, Congress added a new catch-up contribution that allowed individuals age 50 or older to make additional contributions to their retirement plan.

Source: Forbes October 05, 2020 19:07 UTC