Studies have shown that people, young people especially, are becoming less likely to save for retirement. What is the average retirement savings by age group for people in the United States? How can you beat the average?
Administrative note: This article assumes that you’re familiar with the basic differences between a traditional IRA, a Roth IRA, and a 401(k). If you’re not, I’d recommend IRS Publication 590–it’s free, it’s written in plain-English, and it’s quite thorough. The only drawback is that it doesn’t provide any guidance for choosing between accounts. IRA vs. […]