All articles tagged with #retirement preparedness
Americans aged 55-64 have an average of $8,000 in savings, with many holding significant assets in retirement accounts and other investments. While their savings are growing with age, experts advise increasing contributions and strategic investments to ensure long-term retirement readiness, especially as retirement can last over 30 years.
According to Fidelity Investments' 2023 Retirement Savings Assessment, retirement preparedness among Americans has dropped below pre-pandemic levels, with more than half of those surveyed falling short of having enough savings to cover everyday essentials when they leave the workforce. The retirement score for the average American household has dropped into the "fair" range, with 34% needing to make significant adjustments to afford retirement, while 18% presently require moderate changes to save enough for the basics. Fidelity's research indicates people can significantly improve their retirement readiness by saving as much as possible, examining their asset mix, and re-evaluating their retirement plan.