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Burned Through Your Retirement Savings? Here's How to Bounce Back

GOBankingRates Logo By Joel Anderson of GOBankingRates | Slide 1 of 17: So, you’ve blown your retirement savings — what happened? Perhaps, as your spouse keeps pointing out, it’s because you started drinking Dom Pérignon in place of water after hearing a rumor that Gwyneth Paltrow does it. More likely, you dipped into your retirement savings early because you were thrown one of life’s many curveballs, such as a flood that you weren’t insured for or a prolonged illness.
Regardless, the good news is that your lack of savings isn’t the end of the world. You might be disadvantaged in terms of time — an important asset in saving for your golden years — but there are steps you can take now to prepare for a happy, prosperous retirement.

Burned Through Your Retirement Savings?

So, you’ve blown your retirement savings — what happened? Perhaps, as your spouse keeps pointing out, it’s because you started drinking Dom Pérignon in place of water after hearing a rumor that Gwyneth Paltrow does it. More likely, you dipped into your retirement savings early because you were thrown one of life’s many curveballs, such as a flood that you weren’t insured for or a prolonged illness.

Regardless, the good news is that your lack of savings isn’t the end of the world. You might be disadvantaged in terms of time — an important asset in saving for your golden years — but there are steps you can take now to prepare for a happy, prosperous retirement.

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