How much the average American your age has in their retirement account [Video]

(NEXSTAR) – While many Americans want to retire comfortably, it’s a goal that may seem out of reach for some struggling to save due to the rising costs of housing and everyday expenses. 

According to a recent AARP survey, about 1 in 4 U.S. adults aged 50 and older say they never expect to retire and 70% are concerned about prices increasing faster than their income.

For those who plan to stop working, determining the right amount of money to set aside can be tricky as several factors come into play, like your spending habits, lifestyle, and location.

A GoBankingRates study, for example, found that you’d need over $1.1 million to fund a 25-year retirement in Miami, Florida, compared to nearly $570,000 in McAllen, Texas – based on the annual cost of groceries, housing, utilities, transportation, and healthcare costs.

One way to benchmark your savings is to see how you compare with others in your …