Reported 4 months ago
A recent survey by the Federal Reserve shows that only about 10% of American retirees have managed to save $1 million or more, leaving a significant 90% who fall short of this milestone. Challenges vary across generations, with Gen X having a median retirement savings of $40,000 despite believing they need around $1.1 million for retirement. Baby Boomers face similar gaps in their retirement savings, with an estimated $1 million needed but having median savings around $120,000. Strategies for reaching the $1 million mark include starting early, maximizing tax-advantaged accounts, and staying invested, but defining personal retirement goals and working with a financial advisor are key to developing a plan that aligns with individual needs and circumstances.
Source: YAHOO