For years, the perception has been that to retire comfortably in the U.S., one must have at least $1 million in savings. However, the reality is stark, as only about 3% of Americans reach this amount in their retirement funds, according to the Employee Benefits Research Institute. Additionally, just 4% have savings between $500,000 and $999,999. This illustrates a significant gap between aspiration and achievement regarding retirement savings and highlights the need for improved financial habits to help more Americans reach their retirement goals.
According to the Employee Benefits Research Institute, only a bit over 3% of Americans have amassed at least $1 million for retirement, highlighting the challenge.
Despite a common belief that one needs $1 million to retire comfortably, a very small percentage of Americans actually meet this benchmark in reality.
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