Saving $1 million or more for retirement isn't something everyone is able to do. The average American aged 65 to 74 has managed to save about $609,000, according to the Federal Reserve. But the median savings balance for that age group is only $200,000. And a discrepancy that large between average and median tells us that $200,000 is more representative of older Americans' savings balances on a whole.

But frankly, I'm not happy with either balance in the context of my retirement, because I'm hoping to save $1 million or more. And while I don't expect that to come easy, I'm taking a few key steps to increase my chances of success. Here's my strategy.

Image source: Getty Images.

Continue reading

Source Fool.com