More than half of Americans hope to live to 100, yet 55% are also worried about running out of money at some point, according to a survey from financial services firm Corebridge Financial. It’s a valid concern, considering that the median retirement savings balance for people between the ages of 55 and 64 is $185,000, per NerdWallet.
Despite the desire for a long and comfortable retirement and the increasing popularity of the FIRE (financial independence, retire early) movement, the reality is that many Americans are a ways off from that goal — and stuck in corporate America until they reach it.
Related: Your Retirement Savings Won’t Last If You Make These 3 Common Mistakes, Financial Advisor Warns
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