Are You Falling Behind in Building Your Retirement Nest Egg?
Are Women Falling Behind in Retirement Savings?
As of early 2024, the average Social Security beneficiary was receiving $1,907 per month, or about $23,000 in annual income. But recent data from the Transamerica Center for Retirement Studies reveals that the median retirement savings balance among women is just $44,000. While this may be sufficient for younger women, it falls short for those in their 40s and 50s.
Why Building Your Nest Egg Matters
- Matching Contributions: Getting a 401(k) match can significantly grow your retirement savings over time. Take advantage of employer matches to boost your savings.
- Gig Economy Opportunities: Supplement your income with the gig economy to enhance your retirement savings and improve your financial standing.
It's crucial to evaluate your retirement savings compared to your age and income level to ensure a comfortable retirement. Take proactive steps to bridge the gap and fortify your financial security for the future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.