Compared to how much a person needs to retire, it's not much. But getting started is the important part.

Answer:

$19,000 median & $49,000 average

Questions:

• Why do you think it is so important to start saving for retirement at a young age?
• The average savings is much higher than the median. What does that tell you?
• When do you think that you will start to save for your retirement?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the Numbers: (Visual Capitalist)

"Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg.

This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year."

Play the arcade game STAX to learn about the benefits of a simple investing strategy (spoiler: it involves index funds!)

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.

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