Here's How Much You'd Need to Put in Your IRA to Save $1,273,603 in 30 Years

There are countless reasons to save for retirement. How politics, technology, and a changing world will impact life over the coming decades is anyone's guess. That alone should be reason enough to start retirement planning if you haven't already. The unfortunate reality is that many people are retiring with too little.According to the 2022 Survey of Consumer Finances, the median retirement savings for all families is $87,000. Savings typically peak at 65 to 74, with a median savings of $200,000. Using the 4% rule and contributions from supplementary income sources like Social Security and a modest pension, a couple may need as much as $1.2 million to retire comfortably.It doesn't take a mathematics degree to see the problem here.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool