Many Americans Underprepared as Social Security Worries Grow

Many Americans remain underprepared for retirement, with average retirement savings about $88,400 in 2024. Financial planners urge starting early, defining retirement goals and inputs before using online calculators, and maintaining time-tested habits like living below your means, building an emergency fund, avoiding toxic/high-interest debt, and keeping some equities for inflation protection. Tax-aware strategies — including Roth 401(k)s and Roth IRAs for some savers, municipal bonds, and HSAs — and planning for taxable income sources (traditional withdrawals, RMDs, capital gains, dividends, bond interest) can help preserve after-tax retirement income. Professional tools and products, such as modern annuities and advice from ranked advisory firms, can convert savings into reliable income streams tailored to needs. Concerns about Social Security solvency add urgency to build diversified, tax-aware retirement plans now.