And that means they're missing out on a key opportunity to end up with more money for their senior years.
Social Security won't cover all of your bills in retirement. You can expect those benefits to replace about 40% of your job-related income if you're an average earner, but most seniors need a lot more money than that to keep up with their bills in retirement. That's where personal savings come in, whether in the form of an IRA or 401(k). But new data from Transamerica reveals that the among today's retirees who made an effort to save independently, the median age they started at was 40. And that means a lot of seniors lost out on a key opportunity to amass wealth for their later years.
Maurie Backman | The Motley Fool