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

What is the national average retirement savings? ›

Twentysomethings
Mean Retirement Savings Balances by Age Group (2022)
45 to 54$313,220
55 to 64$537,560
65 to 74$609,230
75 and over$462,410
3 more rows

How many Americans have enough saved for retirement? ›

More Than Half of Americans Have Less Than $10,000 Saved

Many Americans have a long way to go when it comes to affording retirement. According to the survey, 53% have less than $10,000 saved. Not far behind them is the 15% of Americans who have between $10,001 and $50,000 saved.

What is the average retirement income in the United States? ›

The average retirement income for U.S. adults 65 and older is $75,020. The median income for that age group is $50,290, according to data from the Census Bureau and Bureau of Labor Statistics. On a monthly basis, the average income for U.S. adults 65 and older is $6,252.

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

One rule of thumb is that you'll need 70% of your annual pre-retirement income to live comfortably. That might be enough if you've paid off your mortgage and you're in excellent health when you retire.

What is the national average for 401k? ›

Average and median 401(k) balances by age
Age rangeAverage balanceMedian balance
25-34$30,017$11,357
35-44$76,354$28,318
45-54$142,069$48,301
55-64$207,874$71,168
2 more rows
Mar 13, 2024

How much money does the average American have in their bank account? ›

While the median bank account balance is $8,000, according to the latest SCF data, the average — or mean — balance is actually much higher, at $62,410.

Is 100K in retirement by 30 good? ›

“By the time you're 40, you should have three times your annual salary saved. Based on the median income for Americans in this age bracket, $100K between 25-30 years old is pretty good; but you would need to increase your savings to reach your age 40 benchmark.”

What percentage of Americans have $0 saved for retirement? ›

A new GOBankingRates survey of more than 1,000 adults found that 28% of people have nothing saved for the future, 39% aren't contributing to a retirement fund and another 30% don't think they'll ever be able to retire. While these numbers worry the experts, they don't shock them.

What percent of Americans don't have enough money to retire? ›

50% of Americans Can't Afford Their Lifestyle in Retirement: How to Avoid That Fate.

How much do most retirees live on per month? ›

According to the Bureau of Labor Statistics (BLS), the average income of someone 65 and older in 2021 was $55,335, and the average expenses were $52,141, or $4,345 per month.

What is a comfortable retirement income in the US? ›

Retirees can expect to spend 70% to 80% of their pre-retirement income in retirement, according to one rule of thumb. Older Americans spent an average of $57,818 in 2022, but about 40% of households led by someone age 65 or older spend less than $40,000 per year.

What is considered a good monthly retirement income? ›

Let's say you consider yourself the typical retiree. Between you and your spouse, you currently have an annual income of $120,000. Based on the 80% principle, you can expect to need about $96,000 in annual income after you retire, which is $8,000 per month.

What is the average retirement savings by age? ›

Average Retirement Savings Balance by Age
AGEAVERAGE RETIREMENT ACCOUNT BALANCE
35-44$141,520
45-54$313,220
55-64$537,560
65-74$609,230
2 more rows

What percentage of retirees have $500,000 in savings? ›

How much do people save for retirement? In 2022, about 46% of households reported any savings in retirement accounts. Twenty-six percent had saved more than $100,000, and 9% had more than $500,000. These percentages were only somewhat higher for older people.

What is the average 401k balance at age 65? ›

After this age group, 401(k) balances can begin to fall, or at least grow at a slower pace, as even more people start tapping their accounts. The average balance for those 65 and older is $232,710; the median falls to $70,620.

How many people have $2000000 in savings? ›

Among the 47 million households headed by someone age 60 or older, 7% had household investable assets of at least $2 million, Drinkwater said. Only 6% of the 89 million households in the U.S. headed by someone 40 to 85 years old has that amount, Drinkwater said.

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

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. $17,000 in savings bonds.

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