Americans nearing retirement should be changing focus to earn more

According to Vanguard’s “How America Saves 2019” report the average American worker aged 65 and older has about $192,877 in their 401(k) and a median balance of around $58,035.

The Wealth Woman Mary Lyons said a few millionaires are boosting those numbers.

And, there's money that's being left on the table.

"I think that the savings rate in the United States is pretty low, even though their employer is willing to match their 401(k), they aren't contributing enough to take advantage of the full match," said Lyons.

She said people should change their focus from rate of return and growth to how much income can be received to see how much can be spent.

"If we're trying to retire, we're trying to replace our income. That should be what we're focused on the entire time," said Lyons.

She said people also should be taking advantage of the catch-up provisions--putting in $5,000 to $6,000 more than the $19,000 allotted.

She added investors are emotional and put money in when the market is doing well and pull it out when it's bad...missing some of the best recovery...impacting the balance.

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