It’s never too late to start saving for retirement, but if you haven’t already begun, now is the time get going. The longer you wait, the harder it is to build up an adequate nest egg — which is a common problem in the United States.
Federal Reserve research found that the average retirement savings for Americans ages 65 to 74 was $200,000 as of 2022, the most recent year data are available. That total is well below the $560,000-plus recommended by Fidelity based on its formula of saving about nine times your annual salary at age 65.
