Reported 4 months ago
For decades, a $1 million retirement savings goal has been seen as ideal, but the reality is that only about 10% of American retirees achieve this milestone. The Federal Reserve's Survey of Consumer Finances reveals that most retirees fall short, with the median retirement savings balance at just $87,000 for all U.S. families. Generation X faces challenges with a median retirement savings of $40,000 and a belief that $1.1 million is needed for retirement, while Baby Boomers aged 58-77 have a median savings of $120,000, far from their $1 million target. Strategies like early savings, maximizing tax-advantaged accounts, and staying invested can help, and consulting a financial advisor for personalized guidance is key to achieving retirement goals.
Source: YAHOO