How Many People Actually Have $1 Million Saved for Retirement?

When it comes to saving for retirement, the common advice is to aim for $1 million. This number has been cited so often that investors may feel as if they’re failing if they don’t reach it. But that shouldn’t be the case. In fact, statistically, just 10% of Americans have saved $1 million or more for retirement. Don’t feel like a failure if your nest egg isn’t quite up to the seven-figure level.

Regardless of your financial position, however, you should strive to save and invest as much as you can. The larger your account balance, the more comfortable your retirement will be. Here’s a look at what average Americans have saved for retirement, what your personal savings goal should be and how you can build your balance faster,

While not all Americans will need to save $1 million to retire comfortably, the unfortunate truth is that most Americans are behind their goals, whatever they may be. The Federal Reserve Survey of Consumer Finances records retirement savings data across different age groups in the United States….Continue reading…