Americans Are Saving More for Retirement but Still Risk Falling Short
Retirement is an expensive prospect, so much so that most seniors need about 70% to 80% of their former income to maintain a decent lifestyle. Social Security will provide about half that amount for anyone who's an average wage-earner; but the rest of that retirement income needs to be generated elsewhere, and for those who aren't entitled to pensions, personal savings can fill that void.
But new data from Fidelity reveals that while Americans are doing a better job of saving for retirement on a whole, they're still not contributing enough of their earnings to a dedicated savings plan. Specifically, today's workers are setting aside 10% of their income for the future, which is certainly respectable. But that's well below the 15% of income threshold Fidelity recommends for long-term savings at a minimum.
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Source Fool.com
