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Most people don’t think twice about where they keep their money. You set up a checking account, deposit your paycheck, pay your bills, and move on. But what if your bank account choice is actually costing you hundreds of dollars a year?
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The truth is, many banks quietly drain your money (or prevent it from growing) through fees and low interest rates. The good news is that a simple bank account hack could help you save hundreds effortlessly — moving your money to a high-yield savings account (HYSA).
The biggest mistake most people make is keeping too much money in a checking or savings account that earns little to no interest. Instead, you should transfer your extra cash into a high-yield savings account and let it grow automatically.
Traditional savings accounts currently pay an average APY of 0.41%, meaning your money barely grows, and it certainly doesn’t keep pace with inflation. But HYSAs can pay 4.00% APY or more, meaning you’ll earn nearly 10 times more on your savings.
For example, if you keep $5,000 in an HYSA with a 4.00% APY, you’d earn $200 in interest in a year — compared to just $20.50 in a typical savings account.
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To make saving effortless, set up a recurring transfer from your checking account to your HYSA every payday, or utilize the option that some banks have to split your direct deposit between multiple accounts. Even $50 per paycheck can add up over time, and you likely won’t notice it’s gone from your checking account.
Your checking account should only hold enough money for monthly bills and day-to-day spending. Anything extra should be moved to your high-yield savings account, where it can earn interest instead of sitting idle.
Another way banks cost you money is by charging you unnecessary fees. Some traditional banks charge:
By simply choosing a better bank account, you could save hundreds of dollars per year in fees alone.
Saving money doesn’t have to be complicated. By switching to a high-yield savings account, setting up automatic transfers, and avoiding hidden bank fees, you may be able to save hundreds of dollars a year — without changing your lifestyle.
This simple bank account move could be one of the easiest money-saving startegies you ever put into place. Don’t wait any longer.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Wealthy Americans — those in the top 10% by net worth — are miles ahead of middle-class Americans when it comes to their retirement savings.
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As of 2022, the 10%ers had an average of $1.3 million in retirement savings, according to a Motley Fool Money analysis of Federal Reserve data. And that only includes assets held in retirement accounts — not any other funds or properties.
Meanwhile, middle- to upper-middle-class Americans had an average of $106,000 in their retirement accounts.
That may seem discouraging, but believe it or not, ordinary people can save $1.3 million or more for retirement — if they start early and invest aggressively.
There are four big factors that determine how much you can save for retirement:
If you start early and invest 15% or more of your income into high-growth assets like stocks, then you’ll be well on your way to saving seven figures. If you’re around 40 or older and far behind, you might still get there — if you dig deep and find ways to increase your income and cut back on spending.
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Let’s say you’re 30 years old, you earn $50,000 a year, and you’re starting with $0 in retirement savings.
If you put 15% of your wages into a 401(k) or individual retirement account (IRA) — a total of $7,500 per year — and earned 7% per year on your investments, then you’d have a nest egg of $1,294,000 at age 68.
This assumes you never get a raise at any point in your career, which you probably will. And that 15% can include an employer 401(k) match. So if your employer matches 401(k) contributions of up to 5%, you’d only need to pitch in 10% of your own money.
This also assumes you earn less than the stock market’s long-term returns of 10% per year (as measured by the S&P 500 Index). So it’s possible that you earn more than 7% per year — but it’s safer to assume that you won’t.
You will need to invest in some high-growth assets like stocks, though. If you just put your money in a high-yield savings account, it won’t achieve the growth you’ll need.
Now let’s say you’re 45 and you make $80,000 a year. You have $100,000 in retirement savings — a bit below the median amount for your age group.
If you invested 20% of your income (including any employer match) and earned 7%, you’d have $1,329,000 in your retirement accounts at age 68.
If you were starting with $0 in retirement savings, though, you’d need to save at least $24,000 a year — 30% of your income — to reach the same result.
There are two big things to remember here.
Also remember that there is no “magic number” when it comes to retirement savings. You don’t need to keep up with the wealthiest Americans, and most of us can get by on far less money than they have. Just aim high and save as much as you can — starting now.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.James McClenathen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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It’s been at least 20 years since $1 million became the “default” retirement savings goal. Somehow, a lot of people agreed that we needed to save at least that much to get by in retirement.
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If they were right, then we’d need to save much more today. Inflation has driven prices up more than 60% over the past two decades.
The truth is that even in 2025, most Americans in their mid-60s could get by on less than $1 million if they retired now. However, many would have to make sacrifices and live frugally to make sure their savings never ran out.
Let’s go over how to figure out how much you really need to save.
Decide how much income you’ll need to live the lifestyle you want in retirement. Keep in mind that most people spend less in retirement — partly because they’re no longer saving for retirement, but for other reasons as well.
For example, here are some reasons you may not need as much income:
All these factors and more can dramatically reduce your spending.
At the same time, you should plan for your medical expenses to go up. Fidelity Investments estimated that an average 65-year-old retiring in 2024 would spend about $165,000 on healthcare throughout retirement. Some retirees will spend much more than that, especially if they need long-term care.
And if you plan to live it up in retirement — say, by traveling the world or enjoying a high-cost hobby — then you’ll need to account for that as well.
Most people can safely assume they’ll need to replace about 80% of their pre-retirement income to maintain their standard of living. Some need less than that, but it doesn’t hurt to aim high.
Most American retirees receive Social Security benefits. These can replace a substantial amount of your pre-retirement income — about 40% on average.
If Social Security replaces 40% of your pre-retirement income, then you only need your savings to replace another 40% to reach that 80% goal. Don’t rely too heavily on Social Security, though. The program is not going to disappear or stop making payments, but there’s a chance that benefits will be reduced in some fashion in the future.
To see an estimate of your future Social Security benefit, you can create an account on the Social Security Administration website.
Emphasis on “rough.” The 4% rule came about in the mid-1990s, and it was never really intended to be a rule, though we call it one now.
That said, it’s still not a bad starting point for figuring out 1) how much you need to save for retirement and 2) how much money you can safely withdraw from your retirement savings each year.
The 4% rule says that you can safely withdraw 4% of your savings in your first year of retirement. Then, each year afterward, you adjust that amount for inflation.
Say you have $1 million in savings. In your first year of retirement, you’d withdraw $40,000. If prices went up by 2% in that first year, then you’d increase your withdrawals by 2% to $40,800 the next year.
Going by this strategy, it’s very unlikely that you’ll exhaust your savings.
And if you want to use the 4% rule to decide your retirement savings goal, you simply multiply your target income — minus Social Security benefits and other income sources — by 25.
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There are a million reasons why the 4% rule may not work for every retiree.
First, it assumes that your portfolio is evenly split between stocks and bonds. Many retirees have more conservative investments, which means less risk but also less growth.
It also assumes you’ll be drawing down your retirement savings for up to 30 years. If you retire early, and/or you live much longer than the average person, then 4% per year may be more than you can safely withdraw.
Further, the 4% rule assumes you’ll receive your full Social Security benefit — the amount you’ll receive if you claim benefits at your full retirement age (67 for most future retirees). If you claim benefits early and thus receive a smaller monthly benefit, then you may want to be more cautious with your retirement savings withdrawals.
Let’s say your income right before retirement is $75,000 a year, and you want to replace 80% of that. That’s $60,000 a year.
Let’s also say your expected Social Security benefit is $2,300 per month, or $27,600 per year. You’ll need your savings to provide $32,400 per year.
Going by the 4% rule, you’ll need $32,400 x 25 — that’s $810,000 — in retirement savings.
It’s far less than a million — but it’s still an ambitious target for many Americans.
As of 2022, the median retirement savings among Americans aged 65 to 74 was $200,000, according to the Federal Reserve. That means millions of American retirees are getting by on less money than the 4% rule suggests they need.
Of course, many of them are on extremely tight budgets. If you want more security and financial breathing room, then save as much as you can now.
A good retirement savings goal for most younger workers is 15% of their income, including any employer match. If you’re aged 40 or older and not on track to reach your savings goal, then now is the time to dig deep and save as much as possible — preferably 20% or more.
Start with your 401(k), if you have one, and be sure to earn any employer match in full. Beyond that, look to an individual retirement account (IRA), which provides the same tax benefits as a 401(k). And if you max out your IRA, you can open a regular brokerage account and invest even more through that.
All of these accounts let you invest in high-growth assets like stocks and index funds, as well as bonds and other low-risk assets. That means they give you a better shot at building the retirement nest egg you need.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.James McClenathen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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