The average retirement savings among those aged 35-44 is just $131,950, far below the benchmarks set for maintaining a desired lifestyle in retirement.
According to the Edward Jones benchmarks, individuals earning between $50,000-$150,000 should aim for $120,000-$620,000 in retirement savings to maintain current spending.
Wages have failed to keep pace with inflation, which complicates the ability of many to meet retirement savings goals, leaving many in a state of financial anxiety.
While decreasing spending can increase savings, it is a significant challenge for many Americans living paycheck to paycheck, underscored by 78% of the population.
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