By Basic Worth
The average retirement savings varies widely depending on age, income, and other factors. According to the Federal Reserve’s Survey of Consumer Finances, as of 2019, the median retirement savings for families headed by someone aged 55-64 was $144,000, while the mean (or average) retirement savings was $408,000.
However, these numbers can be misleading as they may not represent a realistic picture of most Americans’ retirement savings. Many experts suggest that individuals should aim to save at least 10-15% of their income for retirement, but studies show that a significant number of people fall short of this goal. In fact, a report by the Economic Policy Institute found that the median retirement savings for all working-age families in the US is $5,000, which is far below what most financial experts would recommend.
It’s important to remember that retirement savings goals will vary depending on individual circumstances, such as income, lifestyle, and retirement goals.
Here’s a breakdown of the average retirement savings by age group, based on various surveys and studies:
- In your 20s: According to a study by Transamerica, the average retirement savings for people in their 20s is $16,000.
- In your 30s: : The same Transamerica study found that the average retirement savings for people in their 30s is $45,000.
- In your 40s: A study by Fidelity found that the average retirement savings for people in their 40s is $63,000.
- In your 50s: Fidelity’s study also found that the average retirement savings for people in their 50s is $117,000.
- In your 60s: According to a study by Vanguard, the median retirement savings for people in their 60s is $200,000.
It’s important to note that these are just averages and may not represent a realistic picture of what most people have saved for retirement. It’s also important to remember that retirement savings goals will vary depending on individual circumstances, such as income, lifestyle, and retirement goals. Regardless of age, it’s recommended that individuals consult with a financial advisor to determine their retirement savings needs and develop a plan to achieve their goals.
