Most financial advisers agree: The simplest way to ensure you retire comfortably is to start saving early and let the power of compound interest work for you over time.
But what happens if you’re getting a late start on retirement, or financial troubles in middle age ate into your nest egg and now you’re playing catch-up?
The hard reality is that the vast majority of Americans get a late start on retirement planning. Consider a 2011 study from the Schwartz Center for Economic Policy Analysis at The New School, which found a staggering 68% of Americans age 25-64 weren’t even participating in an employer-sponsored retirement plan like a 401(k).
More recently, a 2014 survey from finance website Bankrate.com found more than one-third of Americans don’t have a penny saved for retirement, including more than a quarter of those age 50 to 64.It’s also important to point out that many Americans grossly underestimate […]