A considerable number of older Americans are approaching retirement unprepared financially, with a Northwestern Mutual report indicating a belief that $1.46 million is needed for a comfortable retirement. However, many seniors fall short, with baby boomers averaging $120,300 in savings and a mere median retirement savings of $200,000 according to the Federal Reserve. This highlights a $1 million savings gap for the average older American. To mitigate this issue, individuals are encouraged to consider delaying retirement and working longer to improve their financial situation.
At this point, a good number of older Americans are probably making plans to retire in short order. But whether they can afford to is a different story.
If you're nearing retirement and aren't confident in your level of savings, you may have to make some lifestyle adjustments.
It's fair to say that the typical older American has roughly a $1 million savings gap.
Instead of retiring now, stick with your job a few extra years to boost your nest egg.
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