According to the Federal Reserve Survey of Consumer Finances, only 3.2% of retirees have saved $1 million or more for retirement. However, 40% of retirees believe they will need at least $1 million for true financial security. A survey by Northwestern Mutual found that the average American thinks $1.26 million is needed for a comfortable retirement by 2025.

The rising cost of living and inflation make saving for retirement challenging. A Clever Real Estate survey revealed the typical retiree has $288,700 saved, with 29% having no retirement savings at all. Shockingly, only 23% of retirees have over half a million in savings.

A worrying trend is that 51% of U.S. adults have reduced or stopped contributions to their retirement savings. Many Americans are being forced into early retirement due to various factors.

To boost retirement savings, consider maximizing IRA contributions. Traditional IRAs offer tax deductions on contributions, while Roth IRAs provide tax-free growth and withdrawals. Diversifying investments within an IRA is crucial for long-term financial success.

Consider adding precious metals like gold to your IRA or diversifying with income-producing real estate investments through platforms like Arrived. Starting to invest sooner rather than later is always advantageous for building a robust retirement portfolio.

Read more at Yahoo Finance: Here’s how many Americans retire with a coveted $1 million nest egg, but is it enough? How to catch up if you’re behind