Median Retirement Savings Are Worryingly Low: Here's What You Can Do About It

Retirement is one of the few goals shared by nearly everyone. While most get there in the end, many find that this new era of supposed freedom comes with increasing financial constraints. Hopefully, you can afford to cover at least your basic living expenses in retirement, but thousands of Americans fall short of this goal, either because they cannot save as much as they should or because they underestimate the true costs of their retirement.

Median retirement savings for American workers sit at around $50,000, according to a recent Transamerica study. The Bureau of Labor Statistics reports that the average household headed by an adult 65 or older will spend this in nearly one year. If we assume this average spending with adjustments for inflation over a 30-year retirement, it's not unreasonable to think retirement could cost $1.5 million to $2 million or more. This can seem an impossible goal for those sitting with $50,000 or less in their retirement accounts right now, but with a few of the strategies below, it just might be possible.

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Source Fool.com