Americans are saving more for retirement, but they're nowhere near the 'magic number'

Americans are stashing away more money than ever for retirement, but they remain a ways away from the "magic number" needed to retire comfortably.

The average balance in employer-sponsored retirement contribution plans rose to $134,128 in 2023, a 19% increase from the previous year, according to new data published by Vanguard Group, which tracks about 5 million retirement accounts. The median account balance was $35,286, a 29% increase from 2022.