The Average 401(k) Balance Among Americans 70 and Older May Surprise You
The typical savings balance may not be what you expect.
Overview
You'll often hear that if you want to be able to maintain your standard of living in retirement, you'll need income outside of Social Security. That's because those monthly benefits might only replace about 40% of your wages if you earn a typical salary.
It's common to need roughly twice that much income to cover basic retirement expenses and have enough left over for things like leisure and travel. A good way to supplement your Social Security checks is to save for retirement consistently. If you have access to a 401(k) plan through your job, it could make the process smoother.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.