How Do You Compare to the Average Retirement Savings in America?

The average retirement savings is a good indication to see what you need in order to live comfortably. Saving up for retirement is one of the things that a lot of people think about as they work each day. People stress about finding enough money for today and for their future when they retire. When we grow old, we do not want to burden our kids or other family members with our retirement needs. We need to have our own retirement savings.
Statistics would show that the average retirement income in the United States is around 29,000 USD per year.

A lot of people often set that figure as their average retirement savings goal. Now, that is truly a sound plan. However, what a lot of people are stressing about is meeting their retirement savings per year without sacrificing the expenses of their day-to-day living. A lot of people are panicking when they do not meet their retirement savings target. They begin thinking that they will never be able to live comfortably during their retirement. If you are thinking along those lines then it is a good sign that you are taking your retirement seriously.

More Retirement Savings Figures

One study has shown that 51 percent of workers age 55 and up have saved less than $50,000 in retirement savings. You might belong to that statistic right now if you have a hard time keeping up with your retirement goals. However, the answer to your worries isn’t that hard.

Take a look at your finances and see why you are not meeting your target. Is there something that is consuming a lot of your present income that prevents your from reaching your average retirement savings target? If that were the case then you should consider whether those expenses are indeed necessary or not.

Planning and Budgeting for Retirement

The key to meeting your retirement savings goal is to plan out your budget in black and white. If you are receiving a fixed income and you are allotting portions of your income for different purposes; then you should include a portion of you income for your retirement savings. Once you start accumulating some savings, you can look into methods where your savings could truly grow instead of just stashing it in a regular savings account.
You should look into your 401(k) plan of your company or setup an IRA. You could also look into pension plans. These are just some ways you can meet your retirement savings goal. Planning for your retirement is highly individual. You may have an average retirement savings goal, but the amount you save can fluctuate from time to time. Remember that everyone has different expenses and different budgeting techniques. However, you should always put a portion of money away for retirement.

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