Retirement: How To Get By On Less Than $1 Million

Wall Street Journal (March 28, 2023) – While many people often aspire to accumulate around a million dollars in retirement savings, most people wind up with far less than that. WSJ retirement reporter Anne Tergesen spoke to retirees on how they’re making do, and she joins host J.R. Whalen. Photo: Mikaela Martin

Video timeline: 0:00 The typical family’s 401k and IRA account balance 1:05 How retirement funds should depend on lifestyle choices 1:51 How retirees who save less than $1 million are getting by 3:53 Steps to take to ensure you have enough retirement savings

Many Americans dream of saving $1 million for retirement. Most fall far short of that.

The typical family’s 401(k) and IRA-type accounts come to less than half that goal in the years approaching retirement age, according to the nonprofit Employee Benefit Research Institute. Total household balances in retirement accounts for those 55 to 64 years old are $413,814 on average, according to its estimates based on 2019 data, the most recent available.

Read more at WSJ


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