Here's How Much You Should Have Invested for Retirement at Age 60
Retirement is becoming incredibly expensive, especially as costs like housing and healthcare continue to soar. The average 65-year-old couple can expect to spend around $315,000 on out-of-pocket healthcare costs alone in retirement, according to a 2023 report from Fidelity Investments.
Also, with Social Security struggling with a cash shortage, your benefits may be even less reliable in the future. Now more than ever, then, it's crucial to have a robust retirement fund.
But just how much do you need to save for retirement? Everyone's goals will differ, but it can be helpful to see what the average retirement account balance looks like among people your age. Here's how to determine what you should have saved, as well as a few tips for boosting your savings.
Source Fool.com
