Average Retirement Savings by Age
According to Fidelity investment, the average American should save up to 8 times their ending salary. However, majority of Americans are no where near that. The following statistics outline the median and average savings for the following age groups of workers.
Average – $37,000
Median – $12,000
Average – $157,000
Median – $61,000
Average – $219,000
Median – $101,000
Catch Up with Retirement
The following video discusses how baby boomers can make some savvy financial decisions to catch up on saving for their retirement.
Average Retirement Savings
The following breakdown is of the average retirement savings plan of 401K accounts.
Average Balance: $80,600, an increase of 10% from last year.
Workers who had an account for 10 years: $211,800, an increase of 19% from last year.
Workers 55+ for 10 or more years: $255,000.
Standard 401K Balances
- Gap: $15,000
- Google: $70,000
- Southwest (pilots): $300,000
1. Average retirement age – 62 year old
2. Average length of retirement – 18 years
3. Percentage of people age 30-54 who believe they will not have enough money put away for retirement – 80%
4. Percentage of Americans 65+ who rely on Social Security – 35%
5. Percentage of Americans who do not save anything for retirement – 36%
6. Total number of Americans who turn 65 per day – $6,000
The following statistics illustrate the economic impact Americans age 50 and older account for in society with their retirement accounts.
1. Percentage of all financial assets: 77%
2. Percent of total consumer demand: 54%
3. Prescription drug purchases: 77%
4. All over the counter drugs: 61%
5. Auto sales: 47%
6. All luxury travel purchases: 80%
Common Expenses During Retirement
The below infographic outlines the common expenses you can plan for during retirement. Statistics how that the average American will spend 20 years in retirement.