Want $2 Million in Retirement Savings? Here's What You'll Need to Save Monthly.
It helps to have a framework.
Overview
Social Security most likely won't be enough to cover your retirement expenses -- or at least not without having to cut corners in a significant way. If you want to be able to enjoy your senior years, it's important to build savings to supplement your monthly Social Security checks.
As of 2022, the last year for which there's data available, the median retirement savings balance among people 65 to 74 was $200,000. With similar savings, you may only have limited financial wiggle room in retirement.
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Originally published at www.fool.com.
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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.