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The Age When Most People Start Saving for Retirement
“Saving for retirement is a lifelong process,” says Katie Brockman of The Motley Fool. A report from Charles Schwab states that 1/3 of Americans think they’ll need between $1 million and $3 million saved to retire comfortably. A recent survey from Morning Consult found nearly 40% workers started saving for retirement in their 20s. Roughly 25% began in their 30s, and another quarter waited until their 40s or beyond to start saving. A tiny 8% of workers started before age 20. But the average age to start saving was 31 years old according to findings from Nationwide’s survey all American workers. Brockman’s full article can be read here.
AMAC has proposed Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in Washington DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.
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