The Typical 401(k) Saver Isn't Contributing Nearly Enough. Are You?
Saving for retirement doesn't come easily for most people. It means making a major sacrifice now for an event that won't happen for years or even decades, and that requires a tremendous amount of discipline. Perhaps that's why typical 401(k) balances are appallingly low: The median 401(k) balance for 2016 was $24,713, according to a recent Vanguard study.
Having such a low balance in your retirement savings accounts likely means dooming yourself to a cash-strapped retirement -- but it may not too late to turn things around, even if you normally struggle to save money.
People are living longer on average, which is great -- except when it comes to your finances. Because people are living longer, that means their retirement savings have to last longer. The average cost of retirement is $738,400, according to a Merrill Lynch study.
Source: Fool.com
