More Than Half of Americans in Their 50s Lag in Retirement Savings
By the time your 50s roll around, you should be well on your way to building a retirement nest egg. But new data from TD Ameritrade indicates that older Americans are pretty behind on retirement savings, and those who don't improve risk struggling financially once their careers end.
An estimated 53% of Americans aged 50 to 59 have under $100,000 in retirement savings. And 37% have less than $50,000 socked away for the future. Meanwhile, as a good rule of thumb, it's smart to end your career with 10 times your final salary socked away in an IRA or 401(k). The average annual salary today is $51,960, according to the Bureau of Labor Statistics, which means that if you're a typical earner, you'll need roughly $520,000 to live comfortably as a senior. If you're already in your 50s with less than one-fifth that amount, consider this your wake-up call to start making changes -- immediately.
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Source Fool.com
