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Younger generations are realistic about the amount of money they will need to fund a comfortable retirement. However, many are falling short in saving enough each month to meet their objective.
"On average, our respondents estimate they need about $1.8 million in retirement savings," according to a recent Capitalize survey. "However, the average monthly amount contributed to retirement accounts is only $448, which isn't enough for most. A shortfall in retirement savings also may be why one-third of Gen Zers and millennials surveyed plan to work past their traditional retirement age or why more than half rely on cryptocurrencies to boost their nest egg."
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