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5 FinTech Startups in 401(k) Retirement Savings Aiming To Solve The Biggest Issue of Fees

How much do Americans save?or Do Americans even save? has been a topic of discussion globally. While some parts of the world like India have a strong culture of saving money, western countries are not very well-known for that culture. A Government Accountability Office (GAO) analysis found out that in America, among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. Even among those who do have retirement savings, their nest eggs are small. The agency found the median amount of those savings is about $104,000 for households with members between 55 and 64 years old and $148,000 for households with members 65 to 74 years old. That's equivalent to an inflation-protected annuity of $310 and $649 per month, respectively, according to the GAO.

However, the trend or habit of not saving is seen to be changing in America. Results of the 15th Annual Transamerica Retirement Survey of Workers state that 70% of Millennials are already saving for retirement and have started saving at an unprecedented young age of 22 (median). It also states that three out of four (76 percent) are discussing saving, investing, and planning for retirement with family and friends. Eighteen percent of Millennials frequently talk ab ...

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