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Save early, often and anywhere you can

In its May 2018 report on the economic well-being of U.S. households, the Federal Reserve's Board of Governors found that 86% of U.S. retirees are collecting Social Security. Furthermore, 58% receive income from an IRA or defined contribution plan and 56% receive income from a defined benefit plan.

Defined contribution usage edging out defined benefit income has been a trend for some time now, but also notable is that 53% of retirees depend on income from savings outside traditional retirement plans. Multiple sources of retirement income have become more necessary as the cost of health care has increased an average 2.7% on a year-over-year basis in the past five years. While that rate is below the growth rate of the preceding five years, increasing lifespans have drawn out the retirement horizon, necessitating more savings.