The average retirement savings benchmarks suggest that 40-year-olds need substantial savings, with many struggling due to stagnant wages and rising inflation impacting their ability to save.
To maintain your current lifestyle in retirement, those earning $50,000-$100,000 should have saved $120,000-$160,000, while those making $150,000-$200,000 should aim for $810,000-$1,005,000.
Most Americans live paycheck to paycheck, making it difficult to save sufficiently for retirement, prompting the advice to consult financial advisors for tailored savings strategies.
It's crucial to remember retirement savings goals are individual and influenced by lifestyle, income, and future market conditions, rather than just the average savings statistic.
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