Retirement should be an achievement to look forward to, not a burden to fret about—but your financial situation when you enter your golden years greatly determines how enjoyable they will be. Unfortunately, the average American household has saved very little towards retirement according to the National Institute on Retirement Security.

In a recent report, they noted the median retirement account balance for all working-age households is a mere $3,000. While median saving increase to $12,000 for near-retirement households, 66 percent still have a savings balance less than one times their annual income—and that is far less than needed to support their standard of living after the paychecks stop.

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