HERE'S HOW MUCH YOU NEED TO RETIRE AMONG THE TOP 10% OF AMERICANS — ARE YOU ON TRACK? HERE ARE 3 WAYS TO BOOST YOUR RETIREMENT SAVINGS

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Chasing your financial goals for retirement is an intensely personal journey full of questions only you can answer: Do you plan to travel? Are your pursuits pricey? How long do you expect to live? Will you have enough to cover all those things and the escalating costs of health care?

Plenty of savers just want a simple target, a big round figure. That may explain why, for so long, $1 million was the standard target for would-be retirees.

But as inflation and health care costs take bigger bites, $1 million may not cut it anymore.

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According to a study by the Economic Policy Institute (EPI), the average yearly earnings of those in the top 10% of Americans were roughly $173,000 in 2020, the most recent data available.

Depending on your current income and savings each month, accumulating at least $2.5 million in retirement savings will position you to crack the top 10%. That number may seem daunting, but it’s doable — with enough planning and discipline.

Here are three ways to boost your retirement savings.

Diversify your investments

Holding a diverse investment portfolio is a great way to boost your savings.

Alternative assets* – those that don’t belong to traditional investment categories like stocks and bonds – can reduce risk and deliver higher returns, especially during times of market volatility and high inflation.

If you’re looking to diversify your portfolio but aren’t sure where to begin, start by browsing some of the top alternative investments* this year.

From art to commercial real estate, and even fine wine, there’s something for every investor*.

Get expert advice

Part of growing your retirement fund is knowing how to approach your daily finances in the first place. If you’re unsure where to start, don’t worry — that’s what professionals are for.

WiserAdvisor’s* easy-to-use platform connects you to the best financial advisors based on your unique needs. The best part? It costs nothing to check out your matches and decide which adviser is right for you.

With no commitment necessary, you can browse your adviser matches with WiserAdvisor’s comparison tool and book a free consultation*.

Read more: Generating 'passive income' through real estate is the biggest myth in investing — but here's 1 surefire way to do it with as little as $10

Save on your necessary expenses

There are many ways to grow your savings quicker, but re-thinking your current expenses is a great place to start. By cutting back on your essential costs, you can easily make room for a bit of extra savings.

Take something like car insurance, for example — by browsing for rates*, you could slash your monthly bill and free up hundreds of dollars for your retirement fund.

OfficialCarInsurance* is an auto insurance marketplace where you can browse and compare between the best auto insurance rates in your area.

Spending less on insurance will go a long way once you’re retired, too, by helping you hold onto more of your savings each year.

Choose the best account to grow your cash

Holding cash is an important part of financial security in retirement. With rising inflation, it’s important to ensure your savings grow as much as possible over the years.

A high-yield savings account* can give you peace of mind knowing that your savings are growing – especially during times of economic uncertainty.