Retirement Investments Leave 30% with Limited Savings

November 5, 2018

Baby boomers and seniors who proactively set up retirement accounts have more than $100,000, on average, in savings than their peers who did not, according to a recent study by personal finance publication MagnifyMoney. But across the entire board, 29% of households have less than $1,000 saved in any type of account.

Using data from the Federal Reserve and the Federal Deposit Insurance Corp., MagnifyMoney looked at the saving trends of about 126 million U.S. households as of June 2018. In an effort to substantiate reports that Americans weren’t setting aside enough, MagnifyMoney estimated the average and median balances of different types of savings accounts. Keep reading…

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