Here's Exactly How Much the Average American Has Saved for Retirement. How Do You Stack Up?
Saving for retirement isn't easy, but it's critical to have a healthy nest egg if you want to enjoy your senior years as comfortably as possible. Social Security isn't as reliable as it once was, and even then, it was only designed to replace around 40% of your pre-retirement income. Unless you have access to a pension or other source of income, you'll likely be depending primarily on your personal savings in retirement.
As retirement becomes more expensive, you may need to save more than you think. The average worker expects to need around $1.7 million to retire comfortably, a 2022 survey from Charles Schwab found. If you're retiring early or live in an area with a very high cost of living, you may need even more.
While everyone's needs are different, it can sometimes be helpful to see how your savings stack up to the average. And if you're falling behind, there are some simple strategies to help you catch up.
Source Fool.com
