Are You Behind on Your Retirement Savings? Consider These Strategies to Get Ahead
All is not lost, as there are many strategies to consider. You might want to act on a bunch of them.
Are You Behind on Your Retirement Savings? Consider These Strategies to Get Ahead
Overview
If you're behind in saving and investing for retirement, you're far from alone. A study from the National Institute on Retirement Security (NIRS) found that among workers aged 21 to 64, the median sum saved for retirement in a defined contribution plan (such as a 401(k)) was just $955 as of 2023.
Meanwhile, a Bankrate study found that 52% of workers expect Social Security to support them in retirement. That's particularly troubling, because the average monthly retirement benefit, as of April, was just $2,081 -- or about $25,000 annually. That won't support anyone very well these days.
Details
Moreover, the Social Security program is facing a funding shortfall. If nothing is done, retirees will receive only around three-quarters of the benefits they're due. Still, all is not lost.
Source
Originally published at www.fool.com.
