How Your Retirement Savings Compare To The National Average (2024)

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How Your Retirement Savings Compare To The National Average (2024)

FAQs

How Your Retirement Savings Compare To The National Average? ›

The Federal Reserve's most recent data reveals that the average American has $65,000 in retirement savings. By their retirement age, the average is estimated to be $255,200.

What is the national average retirement savings? ›

The average retirement savings for all families is $333,940, according to the 2022 Survey of Consumer Finances.

What percentage of Americans have saved enough for retirement? ›

45% of Americans aged 18 to 29 have retirement savings, but only 26% feel on track
AgeHave retirement accountRetirement savings on track
30–4465%34%
45–5974%38%
60+77%45%
Overall67%34%
1 more row

What is the average balance at retirement? ›

The average 401(k) balance by age
AgeAverage 401(k)Median 401(k)
40s$344,182$151,274
50s$558,740$247,338
60s$555,621$209,382
70s$417,379$103,219
3 more rows

How do you calculate if you are saving enough for retirement? ›

A common rule is to budget for at least 70% of your pre-retirement income during retirement. This assumes some of your expenses will disappear in retirement and 70% will be enough to cover essentials. Remember, that's a general guideline, and your needs may vary.

What is the US national average for savings account? ›

According to the Federal Reserve's most recent Survey of Consumer Finances, the median savings account balance for all families was $8,000 in 2022. Savings account balances can vary greatly depending on income, age, education and race.

What is the national average of money in savings? ›

In 2022, the average savings account balance in the United States was $62,410, while the median balance was only $8,000. The average and median balances vary depending on age, with older generations having more savings. Individuals under 35 had an average savings of $20,535 and a median balance of $5,400.

What is the average wealth at retirement? ›

The above chart shows that U.S. residents 35 and under have an average of $30,170 in retirement savings; those 35 to 44 have an average $131,950; those 45 to 54 have an average $254,720; those 55 to 64 have an average $408,420; those 65 to 74 have an average $426,070; and those over 70 have an average $357,920.

What percentage of white Americans have enough money to retire? ›

In 2019, about 63 percent of white households had a retirement account balance compared to about 41 percent of households of all other races. Among households that had retirement savings in 2019, white households had double the median balance of all other races ($164,000 to $80,300, respectively).

What percentage of retirees have $2 million dollars? ›

According to EBRI estimates based on the latest Federal Reserve Survey of Consumer Finances, 3.2% of retirees have over $1 million in their retirement accounts, while just 0.1% have $5 million or more.

How much does the average person retire with in the bank? ›

The Federal Reserve's most recent data reveals that the average American has $65,000 in retirement savings. By their retirement age, the average is estimated to be $255,200.

How many people have $1,000,000 in retirement savings? ›

According to the Federal Reserve's latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more. This leaves a significant 90% who fall short of this milestone. Don't Miss: The average American couple has saved this much money for retirement — How do you compare?

What is considered a good monthly retirement income? ›

Many retirees fall far short of that amount, but their savings may be supplemented with other forms of income. According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

What is the average retirement savings? ›

Data from the Federal Reserve's most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.

How much money is enough to save for retirement? ›

By age 35, aim to save one to one-and-a-half times your current salary for retirement. By age 50, that goal is three-and-a-half to six times your salary. By age 60, your retirement savings goal may be six to 11-times your salary. Ranges increase with age to account for a wide variety of incomes and situations.

What is the average net worth by age? ›

The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

How many people have $1,000,000 in savings? ›

In fact, statistically, just 10% of Americans have saved $1 million or more for retirement. Don't feel like a failure if your nest egg isn't quite up to the seven-figure level. Regardless of your financial position, however, you should strive to save and invest as much as you can.

What is the average 401k balance for a 65 year old? ›

Average and median 401(k) balances by age
Age rangeAverage balanceMedian balance
35-44$76,354$28,318
45-54$142,069$48,301
55-64$207,874$71,168
65+$232,710$70,620
2 more rows
Mar 13, 2024

How much does the average 70 year old have in savings? ›

The Federal Reserve also measures median and mean (average) savings across other types of financial assets. According to the data, the average 70-year-old has approximately: $60,000 in transaction accounts (including checking and savings) $127,000 in certificate of deposit (CD) accounts.

Can I retire at 60 with 300k? ›

£300k in a pension isn't a huge amount to retire on at the fairly young age of 60, but it's possible for certain lifestyles depending on how your pension fund performs while you're retired and how much you need to live on.

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