Michael recently celebrated his 54th birthday. He and his wife, Kamala, age 53, haven't saved much for retirement. They both work full-time, but vacations, eating out, clothes, and house and car payments use up most of their take-home pay. A recent downturn in the stock market means that together they have only $33,000 in their 401(k) retirement plans at work. Even when added to their Social Security benefits, this isn't enough money to support 20 or so years of retirement. Michael and Kamala worry it might be too late for them to save enough.
Publication Date: September 2009
Page Last Updated: November 11, 2011