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Retirement Savings Gap Highlights Need for Strategic Planning
Retirement Savings Gap Highlights Need for Strategic Planning
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BTCCSquare news:
The average 401(k) balance for Americans in their 60s stands at $568,040 as of June 2025, according to Empower data. Yet the median—$188,792—reveals a stark disparity, with half of savers falling below this threshold. Retirement expectations further complicate the picture: Baby Boomers anticipate needing $760,000 for comfort, while Gen X targets $1.18 million.
Traditional benchmarks suggest saving eight times annual income by age 60 or applying the 4% withdrawal rule. With 90% of Boomers relying on Social Security as a primary income source, catch-up contributions become critical for those nearing retirement. For 2025, savers aged 60-63 can leverage increased limits to bridge the gap.
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