Why retirement savings have stalled - Federal Reserve Bank of Richmond
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of June 30, 2024. Among those beneficiaries age 65 and older, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. The average monthly Social Security benefit in 2024 is $1,918 or just over $23,000 annually. What about retirement accounts? Fifty-four percent of families have a retirement account with a median value of $86,900; however, is it enough to fund possibly 20-plus years of retirement? Matthew Wells reports that many Americans have surprisingly little set aside for retirement and ways to boost their retirement savings. Read Mr. Well’s article here…
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