If your family brings in $100k per year, this is how much you need saved for retirement by age 65

If you're pulling in $100k a year, experts say you should have between $1.055 million and $1.205 million saved by the age of 65, which illustrates that achieving financial independence by retirement age is essential for a comfortable life. Many people, however, fall short as one in five Americans above the age of 50 have no retirement savings, raising concerns about their longevity and quality of life after they stop working.

One in five Americans above the age of 50 have no retirement savings, and more than half are concerned they won't have enough money even when in retirement. This alarming statistic serves as a wake-up call that emphasizes the importance of proactive saving and financial planning to secure a stable future, rather than relying on family support or working indefinitely.

Read at 24/7 Wall St.