This is how Americans do

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Saving for retirement is one thing, achieving your goals in your golden years is another.

That’s where the worry creeps in.

Among older workers, only 34% of Baby Boomers and 26% of Generation X believe they are on track with their retirement savings, according to a recent study Bank interest rate survey.

Younger workers are more likely to say they are where they need to be. In fact, 45% of Gen Z and Millennial workers are somewhat optimistic.

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And yet, Generation Z workers are the largest group of non-savers, Bankrate found.

According to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) plans, the average 401(k) balance among baby boomers is $220,900.

Members of Generation Z The average balance is $8,100.

“There is often a disconnect between what people think they need for retirement and the amount they put aside,” said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York.

More and more Americans are coming out of retirement

“There is a conundrum between expectations and reality,” he said.

How much do Americans think they need to retire?

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