US workers have saved a shockingly low amount for retirement: $955. Here are some tips to help you catch up
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A new report by the National Institute on Retirement Security found that the median amount US workers have saved for retirement is $955. Experts say this is not enough to support a retirement that could last 20 to 30 years, especially with rising health care and long-term care costs.
US workers have saved a median of $955 for retirement. For those with savings, the median balance is $40,000. Workers nearing retirement have a median of $30,000. Experts say this is not enough for a comfortable retirement. The National Institute on Retirement Security report highlights the need for Americans to save more. To catch up, workers can max out their retirement accounts and contribute to 401(k)s.
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