Average Retirement Savings by Age
June 10th, 2008 | Published in Retirement | 3 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.