401(k) Limits Are Rising in 2024. Here's What Retirement Savers Need to Know
You'll often hear that it's really important to save well for retirement so you don't wind up overly reliant on Social Security once your career comes to an end. Those benefits, if not slashed universally due to a massive funding shortfall, will replace only about 40% of your pre-retirement earnings, assuming you bring home an average wage.
Many seniors, however, need more replacement income than that. And that's where your nest egg comes in. The larger it is, the more financial freedom you buy yourself for retirement.
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Source Fool.com
