Individuals are not saving enough for retirement; consider investing in annuities and maxing out contributions.

From Yahoo Finance: 2025-04-19 08:05:00

The average American’s retirement savings is 32% lower than it should be based on their salary, according to a study by DollarGeek. All age groups are behind in their retirement savings. To boost retirement funds, consider using strategies like investing in annuities, which provide a fixed amount of money in payments and remove longevity risk. Annuities have two phases – accumulation and annuitization. Investing in annuities is a safe way to grow savings and earn interest over time. Consider maxing out contributions to an employer-sponsored retirement plan like a 401(k) to accelerate savings. Automate contributions to 401(k)s, IRAs, and annuities to double your balance in five years.



Read more at Yahoo Finance: 5 Clever Ways To Speed Up Your Retirement Savings