Our society is facing a looming crisis – Americans are not accumulating enough savings for retirement. In a recent U.S. Federal Reserve survey, two-thirds of Americans reported that they either do not have savings for retirement (any savings) or are not confident that their retirement savings plans are on track.
A common rule of thumb for sufficient savings entering retirement is 10 times final compensation, generally requiring individuals to save about 10% to 15% (including employer matches) over their careers. Market gains can be important contributors, if invested well in long-term, diversified portfolios.
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