Saving 5% in your 401(k) at 53 is not enough for retirement at 65

A 53-year-old hoping to retire in 12 years and contributing only 5% to their 401(k) is likely not saving enough for a comfortable retirement. Financial experts recommend increasing contributions immediately, particularly by taking advantage of the catch-up contribution rules available to those over 50. The sooner savings are boosted, the better the chances of reaching a secure retirement goal.