Nearly Two-Thirds of Americans in Their 40s Have Less Than $100,000 Saved for Retirement
With the average Social Security benefit providing around $18,000 of annual income, it's clear retirees can't comfortably live on that alone. Those benefits are supposed to be just one leg of a three-legged stool designed to support you in retirement, with pension and savings making up the other two legs.
Unfortunately, pensions aren't common anymore and most Americans are falling far short of the savings they need. In fact, a recent TD Ameritrade survey found nearly two-thirds of those ages 40 to 49 have less than $100,000 set aside for their later years. Even worse, just over four in 10 people in their 40s actually had less than $50,000.
These are frightening statistics because they suggest many workers in this age group are unlikely to be able to catch up and save enough for a secure future.
Source Fool.com
