Retirement Savings: How Much is Enough?

Only 14% of Americans have $100,000 or more saved for retirement, while nearly 37% haven't started saving at all, according to a recent survey by GOBankingRates. With Social Security expected to cut benefits by up to 22% by 2034, it's important to supplement retirement with personal investments. Fidelity recommends saving at least 15% of pre-tax income towards retirement, but those starting later in life may need to save more. Experts suggest starting small and gradually increasing savings, setting a percentage goal, and creating a financial plan to prioritize retirement savings.