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A late bloomer's guide to saving: there's plenty of time to catch up with these surefire strategies.(THE BIG PICTURE)
- Article from:
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Kiplinger's Retirement Planning Guide
- Article date:
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September 22, 2007
- Author:
- Franklin, Mary Beth
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Copyright informationCOPYRIGHT 2007 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BABY-BOOMERS CLOSING IN ON RETIREMENT WITH nest eggs that are a few zeroes shy of their goal know what John Lennon meant when he wrote, "Life is what happens while you're busy making other plans." As the vanguard of the 78-million-strong generation turns 61 this year--one year away from the age when many Americans retire--some will have to alter their financial strategies in the wake of job layoffs, investment losses, the kids' college bills and unforeseen family expenses that cut into their savings.
If you count yourself among these late bloomers, don't panic. You can still afford to retire. It will mean ramping up your savings and might mean delaying retirement. But ...