53% of Savers Are Setting Themselves Up for Retirement Failure
The average American thinks they'll need approximately $1.7 million to retire comfortably, a survey from Charles Schwab found. Considering the median amount baby boomers have saved for retirement is just $152,000, according to a report from the Transamerica Center for Retirement Studies, there's a significant gap between what workers have saved and how much they may need to last the rest of their lives.
To reach major saving milestones, like saving at least $1 million for retirement, you may think you simply need to supercharge your savings and make sacrifices to save as much as you can each month. But sometimes where you stash your money is just as important as how much you're saving. And more than half of those preparing for retirement are making this one mistake that could be setting them up for financial failure.
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Source Fool.com
