The statistic that made me rethink retirement savings completely
I was reading a report from the Employee Benefit Research Institute last week and found out that nearly 40% of households aged 55-64 have less than $25,000 saved for retirement. That number shocked me because I always assumed most people in that age range had at least a decent nest egg built up. On one hand, maybe those people have pensions or other assets that aren't counted in that survey, like home equity or rental properties. On the other hand, it seems like a huge warning sign that our retirement system is failing a lot of folks. What do you all think, is this stat misleading or is it really that bad for so many people?