If your family brings in $100k per year, this is how much you need saved for retirement by age 40

The devastating inflation of the past four years has created a hand-to-mouth economic scenario for millions of Americans, leading to crushingly high credit card debt levels.

For many Gen-Zers, the challenges of inflation have hindered their ability to save for retirement, and assumptions about cost and lifestyle have become outdated.

To address retirement savings deficits, individuals should create a clear budget to track income and expenditures as well as cut unnecessary spending.

Investing in growth-oriented retirement accounts, such as a Roth or conventional IRA, is advised as a remedy for those behind on retirement savings.

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