Older Americans' Financial Challenges
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Business & Economics
Why Your 401(k) Won’t Be Enough for Retirement—And What to Do About It
52% Informative
According to the Federal Reserve Bank , the average 65 to 74 year old has a little over $426,000 saved.
Experts generally recommend saving anywhere between 1,000,000 to $2,00,000 for retirement.
Social Security is drying up and that leaves just your savings and investments, which is why things have changed over the last number of decades .
The three biggest pros with the 401 K is number 1 , you get the tax deferred nature # 2 you get a match from your employer.
The third is of course that your 4O1 K is simple to use.
There are Roth 401 KS and traditional 401 KS , both which have different tax benefits.
Your 401 K is the great place for the average person to start investing, but don't stop at your 4O1K.
You have to wait until you're 59 1/2 years old to access your own money.
Your fees, when you invest your money to a fund, you're going to have to pay fees.
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48
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