This article was updated on February 5, 2018, and was originally published on June 4, 2016.
Retiring comfortably, and on your own terms, is the quintessential American dream. Unfortunately, this dream is seemingly becoming tougher than ever to achieve.
According to a survey commissioned by Wells Fargo and conducted by Harris Poll in 2014, the median middle-class household had just $20,000 saved for retirement. This also includes the 34% of respondents who weren’t contributing anything to retirement savings plans, and were instead choosing to simply work longer or save later. You could arguably say that Americans, as a whole, may have a retirement problem on their hands.
The perfect retirement strategy for seniors in their 60s
There’s a simple, but perfect, retirement strategy that can be implemented to ensure that people in their 60s stay on track, regardless of whether they’re readying to retire, or they’ve hung up their work gloves for good. Best of all, while this perfect retirement strategy has five critical components, the path you take remains unique to your financial needs.
Here’s what the perfect retirement strategy looks like.