Reported 2 days ago
According to Federal Reserve data, the average retiree boasts a net worth of $1.79 million; however, this figure is misleading due to the presence of ultra-wealthy individuals inflating the average. In reality, the median net worth for retirees aged 65 to 74 is only $409,900, and significantly lower for those 75 and older. Financial experts recommend saving up to 10 times one's salary by retirement age, leaving many Americans well below recommended benchmarks. With rising healthcare costs and inflation, a lack of sufficient retirement savings can lead to financial strain for many retirees.
Source: YAHOO