For the past 20 years, a majority of Americans have saved and invested for retirement on their own because company pension plans are largely a thing of the past. Living on Social Security alone during retirement isn’t appealing for most of us, since the maximum benefit is around $46,000/year for 2024. But how much and where should we invest for retirement?
The short answer: Most people should be saving and investing about 15% of their annual income into a retirement savings/investment plan, such as an IRA or 401(k) or 403(b), or some combination.
