Only 15% of Retirement Savers Have a Balance of $250,000 or More. Do You Need to Catch Up?
Saving for retirement is an important thing. If you don't do it, you may be limited to Social Security alone once your time in the labor force comes to an end. And that could be a dangerous thing.
Social Security will only replace about 40% of your pre-retirement income, and that assumes you earn an average wage during your career. Most seniors, however, need roughly twice that much income to manage their bills without undue stress or budget cuts. And so you'll clearly need savings of your own if you want to meet that mark.
Meanwhile, recent data from Vanguard reveals that 401(k) savers have an average of $141,542 socked away for their senior years. By contrast, only 15% of savers have a balance of $250,000 or more.
Source Fool.com
