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Additionally, a broader look at household net worth, including assets like home equity, reveals that many nearing retirement age (55-64 years) average a net worth of just under $365,000. Counting on a million-dollar nest egg before retirement could unjustly limit the opportunity to enjoy valuable years of health and activity in one’s later life.
Financial Security Without a Million
An op-ed by Andrew Biggs, former Principal Deputy Commissioner at the Social Security Administration, challenges the conventional wisdom about retirement savings. He noted that 86% of seniors with $50,000 to $100,000 in savings reported feeling secure or comfortably living. This sentiment suggests that financial security may not require a massive investment portfolio.