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Learn how much money the average worker has saved in retirement, 3 steps to take if you’re behind on saving enough, and why you need to prepare for early retirement even if you don’t think you need to. 77% of workers have less than $250,000 saved for retirement. The next largest group has less than $1,000 saved! If you save 1% more of a $50,000 income, then: 4% for 30 years @7% grows to $217,370 5% for 30 years @7% grows to $271,000, a 25% increase! 3 things you can do: Boost savings. Delay retirement. Cut spending. Use catch up provisions to save more. Traditional and Roth* IRA’s allow for an extra $1,000 catch up or $6,500 contribution instead of $5,500 when you’re over age 50. Pay attention to modified AGI limit: Single $117,000 - $132,000 Married $ 184,000 - $194,000 Roth contributions are phased out at these levels. SEP IRA $53,000 maximum on $265,000 considered compensation (25% of compensation) 401(k) and Solo (k) Standard contribution is $18,0000, catch up is $24,000 (over age 50) Simple IRA Employers