Only 48% of Americans Have Taken This Crucial Retirement Planning Step
Planning for retirement isn't particularly easy, and it can be even more challenging in the midst of the coronavirus pandemic. The average 401(k) balance dropped by around 19% during the first quarter of 2020, according to new research from Fidelity Investments, and the average IRA balance dipped by roughly 14% during this time period.
Even if your savings have taken a hit, it's still important to continue preparing for your future the best you can. Saving for retirement takes decades of consistent work, and if you wait too long to get started, it will be more difficult to catch up. However, roughly half of Americans haven't taken this basic retirement planning step.
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Source Fool.com
