Here’s How Much the Average American Couple Has Saved for Retirement
Retiring as a millionaire is out of reach for most Americans, yet $1.46 million is considered the “magic number” to live a comfortable retirement. That’s according to a Northwestern Mutual study. However, figures from the Federal Reserve paint a far different picture.
The Fed found that the mean (average) retirement savings balance was $333,940, and the median (middle point) retirement balance was only $87,000. A MoneyWise report explains these numbers clearly show that Americans are woefully unprepared financially for retirement.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
