What Does Retirement Look Like With $600,000 in Savings?
You may not be living in luxury, but with careful budgeting, you may end up pretty comfortable.
Overview
Many people end up retiring with little to no money saved. If you're approaching your senior years with a $600,000 balance in your individual retirement account (IRA) or 401(k), you're doing OK.
As of 2022, the last year for which there's data available, the average retirement savings balance among Americans ages 65 to 74 was about $609,000, according to the Federal Reserve. And while stock market gains over the past few years may have inflated that number since, a $600,000 nest egg still puts you in pretty good shape.
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Details
Source
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.