People in their 50s may have saved the least when compared with younger age groups younger, but there are ways they can stash away more this year.
In fact, when compared with those in their 20s, 30s and 40s, Americans in their 50s put away the least amount of money last year, saving an average of $4,780, according toAmericans in their 50s also fell short of their goal of saving around $5,630. This could be due to several financial drains on this age group, such as supporting children or helping elderly parents make ends meet, says Wes Shannon, a certified financial planner at Brazos Wealth Advisors.
You can still take steps to save more even if you're struggling with these burdens. Read on for three strategies Shannon recommends to put aside more this year.Cutting small expenses can help you save more in the long run, Shannon says. "It's the little things like that that eventually add up," he says. "After a while, a person who has not been saving, when they start saving it kind of compounds itself… and it feels good, they want to save more."If your children have moved out, it doesn't always make sense to pay for a big house that sits mostly empty, Shannon says.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How much money Americans in their 50s saved in 2023—and 3 ways to save morePeople in their 50s may have saved the least when compared with younger age groups younger, but there are ways they can stash away more this year.
Read more »
How much money Americans in their 20s saved in 2023—and how to save moreSpending in your 20s is often much easier than saving — but here’s how you can tuck away more cash in 2024.
Read more »
Tax refunds up from 2023; most Americans plan to pay down debt or saveA new Bank of America Institute report found that taxpayers' refund checks will on average be about 5% larger compared to a year ago, with most planning to pay debt or save the refund.
Read more »
All 4 Americans who swept BOLDERBoulder races in 2023 are returning to defend titles this yearStephanie Butzer joined the Denver7 team as a digital producer in June 2018, became the senior digital producer in February 2023 and as of December 2023, is the team's executive producer.
Read more »
AAI Says Americans Bought 1.4 million EVs in 2023Estimate is on the optimistic side, though charging infrastructure is not so positive.
Read more »
Comparison: 2023 Hyundai Santa Fe vs 2023 Kia Sorento PHEVs | Car ReviewsHow to choose between the 2023 Hyundai Santa Fe PHEV vs 2023 Kia Sorento PHEV? Auto123 compares two attractive plug-in SUVs options.
Read more »