This Is the Average IRA Balance Today. How Does Yours Compare?
It's important to do what you can to save well for retirement. If you don't bring a decent-sized nest egg with you into retirement, you might end up struggling financially once your career comes to an end and you stop collecting a steady paycheck.
It's an especially poor idea to aim to retire on Social Security alone. Those benefits will only replace about 40% of your pre-retirement earnings, assuming two things -- that you earn an average wage and benefits aren't cut in the future. Since most seniors need more than 40% of their previous income to live comfortably, having savings is key.
Meanwhile, recent data from Fidelity shows an uptick in IRA balances from a year ago. Here's what the typical saver is looking at.
Source Fool.com
