Retirement Savings Gap: Facts & Strategies

Retirement savings: The average 401(K) balance for those in their sixties is $568,040, but the median is much lower at $188,792. Many baby boomers and Gen Xers expect to need $760,000 and $1.18 million respectively, highlighting a potential gap. Officials suggest having 8 times your pre-retirement income saved. If your 401(K) isnt where you want it, consider higher catch-up contributions, downsizing, and reallocating assets. Consult a financial advisor for personalized guidance.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.