The Average American Has $246,500 at 60. Here's Why It Covers Just 3 Years of Retirement

The Average American Has $246,500 at 60. Here's Why It Covers Just 3 Years of Retirement

The post The Average American Has $246,500 at 60. Here’s Why It Covers Just 3 Years of Retirement appeared first on 24/7 Wall St.. The average American near retirement has only enough in a 401(k) to cover roughly 3-4 years of spending, falling far short of a decade. The median 401(k) balance of $38,176 covers less than six months of typical household expenses, revealing a stark wealth inequality among savers. Even with Social Security adding …