Part 2/10:
A $500,000 retirement fund may seem modest at first glance, especially when considering that surveys indicate the average American expects to need about $1.46 million to retire comfortably. However, many are far from this goal. Data reveals that the average retirement savings among Baby Boomers is around $120,000, and the overall average across all age groups is approximately $888,000.
For those aged 65 to 74, statistics from the Federal Reserve's 2022 Survey of Consumer Finances show that the average retirement account holds around $200,000. Thus, a 65-year-old with $500,000 in savings is substantially ahead of their peers and may have a relatively comfortable retirement compared to the averages.