$25k In Savings Puts You Above Average

Believe it.

Nearly half of all workers saving for retirement have savings that fall short of the $25,000 mark, according to the 2007 Retirement Confidence Survey by the Employee Benefit Research Institute and Matthew Greenwald & Associates.

As scary as that thought is, some of it is explained away because that percentage includes all working Americans, whether you’re 20 or 60, you’re all lumped together. 68% of those aged 25-34 have less than $25k and 50% of those 35-44 and 33% of those 45-55 also don’t have $25k saved up.

40% of respondents aren’t saving for retirement, 34% have $0 in retirement savings, and 25% have no savings at all.

Okay okay, doom and gloom, people know better right? Wrong! 30% figured they only needed 5x their current income (men need 12 and women need 14, according to the EBRI), 27% figured 5-10x their current salary.

The article keeps going but the information is pretty scary from a bystanders point of view, hopefully you have something saved up and you know better. 🙂

Source: CNN Money


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2 responses to “$25k In Savings Puts You Above Average”

  1. Weekly Roundup – 04/27/06…

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  2. […] you know that if you have more than $25,000 saved for retirement you’re ahead of the curve? It’s seems remarkably low to me, remarkable and very […]