You'll generally hear that it's important to go into retirement with as much savings as possible. But for some people, a large nest egg just isn't the cards.

It can be tough to carve out money for 401(k) or IRA contributions when you're struggling to make ends meet. And there's lots of pressure on parents these days to not only raise well-rounded children, but also, to put them through college and support them in young adulthood. That can make it even more difficult to build up a solid nest egg on an average wage.

In fact, if you're not exactly loaded with retirement savings, you're not alone. Transamerica reports that as of the end of 2021, workers had saved a median $67,000 for retirement. Granted, we don't know how that breaks down by age, and for someone in their 30s, a $67,000 nest egg isn't so terrible. But for someone within a year or two of retirement, it's not great.

Continue reading

Source Fool.com