Please ensure Javascript is enabled for purposes of website accessibility Median retirement savings for those in their 40s is over $200K | #retirement | #elderly | #seniors – Active Lifestyle Media

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Retirement NewsMedian retirement savings for those in their 40s is over $200K | #retirement | #elderly | #seniors

Median retirement savings for those in their 40s is over $200K | #retirement | #elderly | #seniors

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Once you retire, you’ll need money to pay your bills — and you can’t count on Social Security to provide all of it. The average senior on Social Security today only collects a little over $18,000 a year, and chances are, that’s not enough to live on.

Enter your retirement savings. The money you sock away in an IRA or 401(k) could supplement those benefits nicely so you’re able to live comfortably as a senior. But how much should you be saving?

It’s a tough question to answer. The amount of savings you’ll need in retirement will depend on a number of factors — your lifestyle choices, your city or state of residence, and your personal goals. But it may help you to know what your peers are saving en route to retirement so you can get a sense of whether you’re on track.

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