As financial literacy rises, many Americans are taking action on retirement planning. A survey by Northwestern Mutual reveals that the average person in their 30s has saved $44,800 in their 401(k). Fidelity data shows balances have dropped slightly, but consistent savings rates offer hope for the future.

To retire comfortably, Americans estimate they need $1.26 million, but savings fall short for many in their 30s. Fidelity recommends saving one year’s salary by age 30 and three times by age 40. IRAs can help bridge the gap for those behind on retirement savings.

Millennials express concerns about outliving savings, but options exist to boost retirement funds. Charles Schwab advises cutting back on expenses and increasing contributions to investment accounts. Even small amounts can make a big difference in building wealth for the future.

Read more at Yahoo Finance: What the Average Person in Their 30s Has Saved