When it comes to saving for retirement, how do you think you compare to your peers? Are you ahead of the pack, or falling behind?
As recently reported by Forbes.com, retirement advisors say there is a gap of about $250,000 between what most people have saved for retirement, and the kind of lifestyle they hope to achieve during their retirement years.
For women between the ages of 25 and 32, the average amount they have saved for retirement is $37,00, so if you have more than that, you are doing better than average. But while $37,000 is average, it still isn’t very high.
“Saving for retirement needs to be a priority, particularly for women,” Lori Cathey of TIAA-CREF, a financial services organization.
Cathey told Forbes.com she recommends women in their 20s and 30s have savings of about $55,000 to help put them on the path for a comfortable retirement.
Men between the ages of 25 and 54 told Forbes.com they have an average of $220,000 saved for retirement, which is nearly identical to the amount women aged 45 to 54 said they have.
How much have you saved for retirement, and how are you faring compared to your peers? Tell us in the comment section below: