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

Posted on AllSides June 25th, 2024
From The Right

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.

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