Only about 1% of the 30 million or so people who contribute to their Fidelity retirement accounts have managed to save at least $1 million. The average 401(k) balance hovers around the $100,000 mark. So it must be near impossible for regular folks to reach seven-figures heading into those golden years, right? However, the numbers suggest otherwise….
Still Behind, But Improving
oday, American households headed by individuals between the ages of 35 and 64 are running $3.83 trillion short of the amount they need to safely carry them through their post-working life, according to new data by the Employee Benefit Research Institute. However, the last time EBRI ran the numbers, in 2014, those families were $4.44 trillion behind. So in a “glass half full” kind of way, that can be considered a significant improvement….
A Worldwide Worry
If you’re worried about saving enough for retirement, you’ve got company all over the world. A new survey shows that even workers in countries with strong social safety nets fret over their financial futures. ING surveyed almost 15,000 people in Europe, the U.S., and Australia, and found the majority worry whether they’ll have enough money in retirement….
A Consolidated Effort
The era of working for a single employer for the length of your career—40-plus years and receiving a pension—is a distant memory. On average, an American worker holds more than eight jobs over the course of his or her career. As a result, many retirement savers may have accumulated a variety of retirement accounts,…