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If your retirement savings are lagging, here’s what you can do about it
A recent Transamerica study found the median retirement savings for American workers sit at around $50,000; however, according to the Bureau of Labor Statistics reports, the average household headed by an adult 65 or older will spend this in nearly one year. If we assume this average spending with adjustments for inflation over a 30-year retirement, it’s not unreasonable to think retirement could cost $1.5 million to $2 million or more. The attached article gives a few strategies on how to increase your retirement savings over time. Read article here…
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