Want to Retire One Day? Avoid 3 Common Retirement Mistakes | Entrepreneur

"Retirement remains a far-off - and in some cases, unattainable - goal for many Americans. About one in four adults over age 50 said they expect to never retire, according to an AARP survey. That's perhaps not surprising given that Americans believe they'll need $1.26 million to retire comfortably, per Northwestern Mutual. Related: Are You on Track for Your Age? Here's When You Should Save for Retirement, Make 6 Figures and Buy a Home, According to a New Survey."

"The research, which surveyed nearly 1,000 full-time employees who participate in 401(k) plans and 800 employers who offer a 401(k) plan, revealed that the average employee doesn't start saving for retirement until age 30 and wishes they had more retirement education (33%). Employees' top expected sources of retirement income were as follows, per the survey: 401(k) or 403(b) (85%), Social Security (75%), checking or savings account 53%), IRA (38%), taxable brokerage or investment account (24%)."

"Baby Boomers are retiring at a rapid rate, setting a record number of retirees in 2024 that allowed Gen X to outnumber them in the workforce for the first time, GOBankingRates reported. On average, Boomers began saving for retirement at age 34; now in their 60s and 70s, one in four of them don't feel on track to retire, according to the Bank of America survey. Additionally, only two in 10 Boomers said they completely understand their Social Security benefits."

Retirement remains distant or unattainable for many Americans. About one in four adults over age 50 expect to never retire. Americans estimate needing $1.26 million to retire comfortably. Sixty-eight percent of employees identify saving for retirement as their top financial goal, yet many face challenges and often delay saving until around age 30. Thirty-three percent wish for more retirement education. Expected retirement income sources include 401(k)/403(b) (85%), Social Security (75%), checking or savings (53%), IRA (38%), and taxable brokerage accounts (24%). Many Baby Boomers began saving later, feel off track, and lack full understanding of Social Security. Only 34% save for future healthcare expenses despite high projected costs.

Read at Entrepreneur