According to data from the Federal Reserve analyzed by PwC, individuals aged 55 to 64 hold an average of just $120,000 in retirement savings, highlighting widespread underpreparedness for financial stability in retirement.
In 2020, over 26% of Americans aged 65 to 74 remained in the workforce, and that number is projected to rise to 32% by 2030, indicating that many will need to work longer to secure their financial futures.
Estimations by 24/7 Wall St. indicate that a typical 65-year-old American could expect to spend over $1.3 million in retirement, factoring in expenses adjusted for state cost of living and projected life expectancies.
Despite some expenses being mitigated by Social Security, the average monthly payment of only $1,694 highlights the necessity for additional income sources to meet the total anticipated costs of retirement.
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