The Typical 401(k) Saver Isn't Contributing Nearly Enough. Are You?

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.

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Source: Fool.com