Retirement Planning Suggestions? 53 Single

[Sales71]

My question is at 53 you have only 6k in retirement accounts. And now you plan to save up to 60k and you make about 150k.

Something about those numbers do not make sense. At 53 at that income level you should have had over a 100-200k in retirement already..Am I missing something???

 

[sman]

If you're earning 150k and single, you won't be able to contribute to a Roth.

 

[scagnt83]

..Am I missing something???

Yes. The fact that most people do not contribute as much as they should (if anything) to their retirement account.

It is the single largest problem with retirement savings in the US.
Most people in their 50s are playing catch up. This is one reason the gov enacted "catch-up" provisions for those 50 and older.


And he never said that he has always made that much. Maybe he has only been at that income level for a few years...
Cant change the past, can only change the future. If your not helping with the future your part of the problem.