Working age Americans are worried about retiring.
FILE - A couple sit along a trail overlooking White Rock Lake in Dallas on Feb. 24, 2024. from the National Institute on Retirement Security, 55% are worried they won’t be able to achieve financial security in retirement, and 79% agree there is a retirement crisis., Americans believe they will need close to $1.5 million to retire comfortably, which is a 15% jump from last year’s “magic number” of $1.27 million and up 53% from 2020.
Indeed, people are not saving as much as they used to. The average amount saved for retirement is $88,400, which means the retirement gap is $1.37 million.from Goldman Sachs found that 28% of women are saving less than $50,000 for retirement, which would mean an income of $2,000 a year. Therefore, social security is a key component when it comes to women retirement. In fact, women represent
However, according to the Social Security Administration, women on average receive 22% less in social security benefits, partially due to pay gaps and part-time work.“You're not making as much money which makes it harder to save makes it harder to build wealth. It makes it harder to retire comfortably,” explained Alex Gailey, an analyst with Bankrate.from Care.com showed nearly half of U.S. families are spending, on average, over $18,000 annually on childcare expenses.
Women Savings Social Security Gap Survey Income Beneficiaries
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