As many Americans near retirement with insufficient savings, it's common to rely solely on a 401(k) for financial stability. However, while having a 401(k) is beneficial, it shouldn't be the only retirement savings vehicle. With pensions becoming rare, shifting responsibility for retirement savings onto individuals has made 401(k)s crucial. Some employers provide matching contributions, enhancing savings efforts. Although a $2 million 401(k) is substantial, retirees often have additional income sources like Social Security, which can ease financial pressure in retirement.
Many Americans reach retirement age with no money saved at all. If you have a parent who retired with only a 401(k), they're ahead of the game.
A 401(k) plan is not your only option for building retirement wealth, as other accounts can help supplement your savings.
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