As of 2022, the median retirement savings account balance for American households of those aged 55 to 64 was $200,000, according to the Federal Reserve.So if you alone have $490,000 saved for your senior years,

Reviewed by Marguerita ChengFact checked by Jiwon Ma When you’re in your 20s, retirement seems so far off that it hardly feels real at all. In fact, it’s one of the most common excuses people make to justify not saving for retirement.