C - Forget the Average Retirement Savings for Americans. Here's a Better Way to Set Yourself Up for a Comfortable Retirement.
2024-07-22 06:00:00 ET
When it comes to planning for retirement, the focus often falls on national averages and benchmarks. For example, a survey from Northwestern Mutual reveals that Americans believe they need $1.46 million to retire comfortably, while Federal Reserve data from 2022 shows that Americans have a median retirement savings of $87,000 and an average of $333,945. These figures are useful, but they can be misleading. Here's a better way to set yourself up for a comfortable retirement by focusing on what you and your family need.
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Before setting retirement targets, it's important to create a clear vision of what retirement looks like for you. Consider the type of living arrangements you want and the hobbies you wish to pursue. Also, think about any debts you may have to continue paying, such as car loans or credit card debt. Write down all the details of what you envision for yourself. Here are a few things to consider as you start the process:
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Forget the Average Retirement Savings for Americans. Here's a Better Way to Set Yourself Up for a Comfortable Retirement.