Retirement Savings Challenges

The retirement savings landscape has significantly changed with the shift from defined benefit plans to defined contribution plans, like 401(k)s. Many individuals, such as a case study involving a 50-year-old woman named Jen, are finding it increasingly difficult to reach their retirement savings goals. Despite her diligent savings strategy and a reasonable income, projections suggest that even with favorable market conditions, reaching her target of one million dollars may remain out of reach. This challenge is compounded by the lack of reliance on Social Security for retirement funding, leading to increased anxiety about financial stability in retirement.