Are You $250,000 Short on Retirement Savings? You Are Not Alone!
According to a new study from Ameriprise Financial, there appears to be a significant disconnect between average retirement goals and reality.
While the study suggests that Americans have a positive view of retirement – with 78 percent of respondents expecting to be extremely happy, it seems that most Americans have a gap of $250,000 between their actual savings and what they will need to be comfortable in retirement.
The good news is that it is possible to manage this gap: create a strong financial plan, work longer, live more frugally and eliminate credit card debt. You could also consider a Reverse Mortgage or look for opportunities to downsize your home.