It’s easy to feel either elated or deflated when using outside metrics to compare where you are in your financial life with where you “should” be for your age. This can be especially true when it comes to savings in the United States. That’s because workers rarely get pensions anymore and the social safety net doesn’t fully cover most retirees’ expenses, which puts the onus on individuals to build their own nest egg.
But there are plenty of reasons why you shouldn’t be discouraged if your current savings are below a suggested target. For instance, if you’re married, measure your income and savings on a combined basis with your spouse. That will give you a better read on the resources that will be available to you. If you have equity in your home, that can bolster your retirement security if you sell the home and downsize or move to a lower-cost area.
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