Reported 11 months ago
A recent study from Zety reveals that many Americans are not saving enough for retirement, with 25% having no retirement savings and households being trillions of dollars short in their accounts. Vanguard's study shows average 401(k) balances by age group, from under $7,000 for those under 25 to over $232,000 for ages 55-64. For married couples, financial experts recommend saving 7-7.5 times their annual income, with specific savings targets varying based on age, income, and single or dual earners. Relying solely on Social Security is not advised, as benefits may not cover lifestyle needs, prompting couples to assess their financial situation and seek advice from financial advisors to grow their net worth and prepare effectively for retirement.
Source: YAHOO