Americans are falling behind on retirement savings, and the statistics are troubling.
Those between the ages of 55 and 64 who have retirement savings only have a median of $120,000 socked away, Bankrate reports in a new survey, citing data from the Federal Reserve. That's only 12 percent of the $1 million many experts recommend, and it's worth noting that even that doesn't stretch as far as it used to.
Those aged 65 to 74 aren't doing much better: They have a median of $126,000 saved in retirement accounts. That "won't last long in the absence of paychecks," the survey notes.