You'll often hear how important it is to build retirement savings -- and a nice amount at that. While you can count on some income from Social Security, those benefits will only replace about 40% of your pre-retirement wages if you're an average earner. And many seniors need a lot more money than that to live comfortably.

Plus, we can't ignore that Social Security cuts are possible in a little over a decade. So all told, many future retirees may become even more reliant on their nest eggs.

The problem, though, is that a lot of older Americans lack savings. Transamerica reports that as of the end of 2021, workers had saved a median of $67,000 for retirement. And that's before the market took a dip in 2022, potentially bringing that number down even further.

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Source Fool.com