The average American family has $87,000 saved for retirement, with 45% of U.S. citizens having no retirement savings. Americans believe they will need $1.46 million for a comfortable retirement, increased from $951k in 2020 due to inflation and living costs. Households earning $200,000 should aim for $1.43 million. Practical tips are provided for accelerating savings, such as maximizing 401(k) contributions and starting a traditional IRA. There are methods for individuals to catch up on retirement savings and take control of their financial future.
The average American family has just $87,000 saved for retirement, while 45% of U.S. citizens have no retirement savings at all.
Americans estimate they'll need $1.46 million to retire comfortably, which has risen from $951k in 2020 due to inflation and cost-of-living concerns.
Households earning $200,000 should aim to save at least $1.43 million by retirement, yet many are falling short of this goal.
To catch up on retirement savings, it's crucial to start now and utilize all available tools, like 401(k) matches and traditional IRAs.
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