Many Americans aim for a retirement nest egg of $1.26 million, but only 4.6% have more than $1 million in their accounts. The average retirement balance for baby boomers is around $250,000. To boost your savings, consider increasing your monthly savings rate to at least 10% and automate your contributions to tax-efficient savings plans. Passively investing in low-cost index funds can also help grow your wealth, with Vanguard’s S&P 500 ETF delivering a 14.78% annual return. To reduce debt, consider consolidating high-interest credit card debt with a personal loan and use strategies like the avalanche or snowball method to pay it off. Additionally, working with a financial advisor can lead to higher net returns for your investments.

Read more at Yahoo Finance: Americans think they need $1.26M to retire, but most won’t reach that number. Here are 3 steps to join the millionaires