Average Retirement Savings by Age
June 10th, 2008 | Published in Retirement | 6 Comments
Everyone knows that it’s important to save for the future and everyone has played with the fun little retirement calculators that tell you how much you need and by when. However, what most people don’t talk about is how well you’re doing versus everyone else in your age group. It’s not about competition, it’s about knowing where you stand so you can make smart decisions.
Here’s how retirement savings breakdown by age group:
25 – 34
70% saved less than $25k, 12% were between $25k-$50k, 9% were between $50k-$100k, 5% were between $100k-$250k, and 4% were above $250k.
35 – 44
50% saved less than $25k, 15% were between $25k-$50k, 14% were between $50k-$100k, 10% were between $100k-$250k, and 10% were above $250k.
45 – 54
41% saved less than $25k, 14% were between $25k-$50k, 13% were between $50k-$100k, 17% were between $100k-$250k, and 16% were above $250k.
55+
39% saved less than $25k, 12% were between $25k-$50k, 7% were between $50k-$100k, 23% were between $100k-$250k, and 19% were above $250k.
All (Combined)
52% saved less than $25k, 13% were between $25k-$50k, 11% were between $50k-$100k, 12% were between $100k-$250k, and 11% were above $250k.
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Tags: Age, Retirement, Statistics
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June 12th, 2008 at 11:34 am (#)
This opened my eyes a bit! I’m in pretty good shape, but I know a lot of people (friends and family) who are need of this wake-up call. I’ll definitely forward this on to them.
One question – where do these statistics come from?
Thanks for the info!
June 27th, 2008 at 12:34 pm (#)
A lot of people are in trouble when it comes to planning for retirement. It doesn’t help that two tools that used to play a crucial role in planning for retirement, Social Security and pensions, aren’t a reliable source of money these days. We are mostly on our own when it comes to retirement savings. Workplace retirement savings programs can be a big help, but half of Americans don’t have access to them. That’s why AARP supports the use of automatic IRAs in the worlkplace, an idea that Congressman Neal of Massachussetts has also backed. The Congressman’s views of the plan can be found on AARP’s blog ShAARP Session.
September 10th, 2008 at 7:46 pm (#)
Thanks for collecting these stats.
Rhetorical question: how would those 52% who saved $25k or less endure? I wonder what other factors may be involved with those particular situations i.e. they live near family or in a small community with a paid-for home or rely on part-time or full-time employment. Whew that’s a sobering stat.
September 1st, 2009 at 2:55 am (#)
By July 4th, 2008 at 5PM, a bottle of beer cost $100 billion Zimbabwean dollars, but an hour later, the price had gone up to $150 billion; the Los Angeles Times further reported on July 15th, 2008 that the printing presses were running out of paper to print the money, and it was feared that because of human rights concerns, Germany would cut off the supply of paper and the software license for creating designs for even higher denominations of currency. [26] On July 16, the official inflation rate was reported by Zimbabwe’s central bank as 2.2 million percent.[27]
so when its 150 billion dollars for a coke what do i do? save my money? or try something different?
April 6th, 2010 at 12:00 am (#)
As a 58 year old I thought I was at best only marginally prepared for retirement. Now that I see these stats I feel better about my relative position, (in the top 19%)but alarmed at the state of most of my peers. Can this be accurate? Don’t most people have some kind of 401k from work that would at least bring them up to the $100k level by 55? I have had a moderate income throughout my work life, never making more than 55k a year, have not been an aggressive saver, and simply let my 401k savings accumulate. I don’t get it.
June 7th, 2010 at 1:39 pm (#)
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