Core Insights - Millennials face significant financial challenges, including high student loan debt and housing costs, leading to uncertainty about retirement savings [1] - Financial planners emphasize the need for simple yet adaptable savings frameworks for millennials [2] Savings Strategies - Experts recommend millennials save 15% to 20% of their gross income for retirement, as this approach is deemed simple and resilient [3] - An alternative strategy focuses on achieving financial milestones rather than strict percentage savings, prioritizing debt repayment and emergency funds first [4] Retirement Benchmarks - Financial benchmarks suggest millennials aim for one times their annual salary by age 30, two times by age 35, and three times by age 40 to measure progress [5] - Emphasis is placed on maximizing 401(k) contributions in their 40s after addressing debt in their 30s [6] Individualized Retirement Planning - Different planners advocate for personalized retirement savings goals, with one approach calculating backward from desired lifestyle and another using simulations to account for various financial factors [7]

Increasing your retirement savings could be as straightforward as switching your mindset. According to a recent study from Goldman Sachs detailed on Investopedia, possessing “financial grit” can result in 49% more money in your retirement savings. What exactly is financial grit? GOBankingRates reached out to experts to further define it, and find out ways it can be developed if you are feeling a bit lacking in that area. Having 49% more in your retirement savings is a substantial amount, so here’s how yo ...

Core Insights - The financial implications of separation or divorce can lead to significant monetary challenges, which are often overlooked during such life events [1] Group 1: Divorce Costs - The median cost of divorce in the U.S. is reported to be $7,000, while the average ranges from $15,000 to $20,000, indicating that a few high-cost contested divorces are influencing the overall average [2] Group 2: Retirement Planning - A survey by Schroders indicates that 46% of Americans in workplace retirement plans expect to have less than $500,000 saved by retirement, despite believing that $1.2 million is necessary for a comfortable retirement [4] - Individuals facing divorce may find it challenging to secure a financially stable retirement, especially if they have minimal savings [3] Group 3: Expense Management - One effective strategy for reducing fixed expenses is to shop for better rates on home and car insurance, which can lead to significant savings, averaging $482 per year [5] - OfficialCarInsurance offers a streamlined process for obtaining competitive insurance quotes without affecting credit scores, making it easier for individuals to manage their insurance costs [6]

As retirement approaches, many wonder how much savings they’ll need — especially if they plan to retire at 65 instead of the full retirement age of 67. A common rule of thumb is $1 million, but there’s no one-size-fits-all answer. With lifespans often stretching 30 years past retirement, your strategy must be personalized and sustainable. So whether you’re counting down the days or still have a few years to go, this guide will help you navigate the path to financial security. Understanding Retirement To ...

Core Insights - Retirement optimism among Americans dropped by over 10% in 2025, falling from a peak of 55% in March to 44% by the end of the year [1][2] - The decline in sentiment is attributed to volatile markets, unprecedented tariffs, and the longest government shutdown in history [1] Retirement Sentiment and Savings Behavior - 40% of Americans saving for retirement have less than one year of expenses saved, and 30% would not last six months without income [3] - The connection between saving actions and retirement sentiment indicates that thoughtful saving practices lead to higher optimism [4] - 91% of those with negative feelings about retirement lack a clearly defined savings plan [4] Gender and Retirement Outlook - Women's retirement outlook is less optimistic, with one in five women able to survive less than one month on retirement savings compared to one in ten men [5] - 35% of women have only six months of savings, while 25% of men report the same [5] Impact of Government Policies - 69% of respondents expressed concern about government policies affecting their retirement [6] - Despite declining optimism, the correlation between positive retirement behaviors and outlook offers a silver lining [6] Planning and Financial Habits - 53% of those with a positive outlook have a solid retirement plan, often involving financial advisors or online tools [8] - Nearly one in three (32%) contribute enough to receive full employer matches, enhancing their retirement savings [8] - Individuals with a positive outlook are more likely to consolidate old retirement accounts [8] Demographics of Optimism - 52% of men reported an optimistic retirement outlook, compared to 37% of women [9] - Married men showed the highest positive sentiment at 63%, while only 32% of single women felt optimistic [9] Survey Methodology - The survey included over 3,000 Americans aged 18 and older, focusing on those actively saving for retirement [10] - Conducted online at four intervals between March and November 2025, the survey has a margin of error of +/-3.1 percentage points [10]

fadfebrian / Shutterstock.com Quick Read 58% of Americans will be unable to maintain their standard of living in retirement. Americans working with a financial advisor have saved $132K versus $62K for those without one. Advisor users plan to retire at 64 compared to 66 for non-users. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. Most Americans do not have enough retirement savings. Morningstar ...

Morsa Images / Getty Images High income is not the only way to financial prosperity; living frugally, investing wisely, and optimizing for taxes are all important ingredients for anyone to accumulate financial wealth. Key Takeaways Only 3.2% of retirees have $1 million in retirement accounts vs. about 2.6% of Americans in general. The average retirement savings for households aged 65-74 is $609,000, while the median is only about $200,000. The number of "401(k) millionaires" in America reached a reco ...

A number of changes are coming to 401(k) plans in 2026, including higher contribution limits for all account holders. The amount individuals can contribute to their 401(k) plans will rise to $24,500 in 2026 from $23,500 for 2025, according to the IRS. Trending Now: Suze Orman Says If You’re Doing This, You’re ‘Making the Biggest Mistake in Life’ Try This: 6 Things You Must Do When Your Savings Reach $50,000 Another change, included in the Secure 2.0 Act of 2022, targets high earners over 50 only. This ch ...

Money expert Rachel Cruze is known for her approachable and encouraging take on personal finance. She recently posted a YouTube video to help people anxious about money see that, if they meet six basic criteria, they’re on the right track and managing their finances responsibly. Learn More: 6 Signs You’re Actually Upper-Middle Class (Even If You Don’t Feel Rich) Read Next: 6 Things You Must Do When Your Savings Reach $50,000 1. You Have More Than $400 Saved In her video, Cruze cited a 2022 study showing ...

Core Insights - The importance of saving for retirement is emphasized, as it can lead to a more comfortable senior life, especially when considering that Social Security benefits only replace a limited portion of pre-retirement wages [1] Group 1: Retirement Savings Strategies - Claiming the full 401(k) match from employers is crucial to avoid missing out on free money, and employees should understand the match details and any vesting schedules [3][4] - Increasing the savings rate to fully claim the employer match may require adjustments in spending or seeking additional income sources [4][5] - Saving any raises received in 2026, whether cost-of-living or merit-based, is recommended to enhance retirement savings without feeling the impact on current finances [6][7]