How is saving money going for you? If you’re like most Americans, you’ve hit a few bumps along the road. Emergencies pop up, your kids cost more than you ever dreamed, and your bank account never seems to be quite as large as you hope.
In times like these, it helps to know whether you’re on the right track — or at least how your saving habits compare to your neighbors, co-workers, and the country at large. In some cases, you might be surprised how far along you are compared to the norm. In others, it might be a wake-up call to take another look at your financial habits.
The same is true for retirement savings. We’d all like to retire someday — hopefully while we’re young enough to enjoy our free time. But to do that, we need to start saving as soon as possible. The question is how much do you have saved up already? How does that compare to other Americans? And how much will you actually need to have a comfortable retirement?
While it can be difficult to get a clear picture, several studies offer insight into how the average American is doing in terms of retirement savings. Here’s what they found.