Saving and investing for retirement is essential if you want to enjoy your golden years.

The average Social Security benefit for retired workers is currently $1,915 per month. That's not a ton of money to cover necessary expenses as well as retirement hobbies, activities, travel, etc. But consistently saving and investing in a tax-advantaged retirement account like a 401(k) or IRA can set you up to be able to spend much more later in life.

If you're looking for a benchmark for how much you should have saved in your retirement accounts by the time you call it quits, you might want to start with knowing how much the average retiree has today. Fortunately, the Federal Reserve surveys American households every three years, detailing demographic and financial details, including how much they have saved in their retirement accounts.

Continue reading

Source Fool.com