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The official retirement age for Social Security is 67 for those born in 1960 or later, so retiring at 70 instead of 67 or 65 can go a long way toward boosting your retirement nest egg.
A lot goes into figuring out how much money you need to retire. In the end, the amount you need to retire depends as much on the amount you spend as it does on the amount you have saved.
Only about 40% of Gen Xers feel like they know how much money they will need to retire comfortably. That’s noteworthy as the oldest in this cohort will turn 60 next year.
But the amount of money you need to retire depends on where you live, due to state-by-state differences in the cost of living. In some areas of the country, a nest egg of a bit more than $500,000 ...
Retirement plans in the United States. Average balances of retirement accounts, for households having such accounts, exceed median net worth across all age groups. For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net ...
Annual cost of a comfortable retirement: $58,254. Retirement savings needed at 60: $1,165,073. Retirement savings needed at 70: $582,536. For You: The Standard Retirement Age in the US vs. 5 ...
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