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Retirement Savings Myth Busted | Durham News
Retirement savings look great on paper—Vanguard reports a record 401(k) average of $167K—but that’s a misleading stat. The median? Just $44K, meaning half of Americans are way behind. That translates to a meager $147/month in retirement income. Confidence in retirement is plummeting, with most thinking they need over $1M to retire comfortably. Catch-up contributions mostly help high earners, leaving low-income workers barely using them. Even as participation climbs thanks to automatic enrollment, more people are tapping 401(k)s for emergencies—six years straight. With rent, childcare, and…
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