Life expectancy continues to expand, thanks to new advances in medical care and a focus on better health habits. A longer life often means more years in retirement, which may last 30 years or more.
How much money will you need socked away to shore up a comfortable retirement? The IRS suggests you’ll need up to 80% of your annual income today to help ensure your quality of life continues once you say goodbye to a regular paycheck. And when you consider the average benefit amount paid monthly by the Social Security Administration is $1,177, it becomes clear that many of us need to boost our nest egg.