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What Are the Average Retirement Savings by Age?
As a growing percentage of the population nears retirement, more and more people are up in arms about whether they’ll be able to make ends meet. Currently, there are more than 40 million senior citizens in the US, but that number is increasing, and by 2050 there will be an estimated 89 million.
Looking forward to a life of retirement is one of the main reasons hard working Americans work so hard. Unfortunately, a growing number of people today are struggling to retire when they’re 65, or to retire at all. Take a look at the average retirement savings by age to see where you should be.
The Average Retirement Savings by Age
When thinking about their financial future, the first thing people ask is often, “How much should I be saving for retirement?” While the question sounds simple enough, there’s no one right answer. How much you should be saving is a question that is directly related to how much you’re currently making, how much you’re able to save, when you plan on retiring and how you’re planning to retire.
The Federal Reserve calculated the average retirement savings by age. Take a look and see how you stack up.
- For those 35 and younger, the average is less than $12,000
- For those 35-44, the average was $42,700
- For those 45-54, the average was $87,200
- For those 55-64, the average was $103,200
- For those 65-74, the average was $148,900
- For those 75 and older, the average was $69,500
Where Do Your Savings Stand?
If your retirement savings land somewhere around the national average, congratulations. If not, don’t feel too bad—you’re not alone. The Employee Benefit Research Institute says that 46 percent of Americans have less than $10,000 saved for retirement. Even more compelling, 29 percent have less than $1,000.
While living paycheck to paycheck is something many Americans are currently struggling with, getting a leg up on retirement by looking at your finances and calculating how much you should be saving every month will help give you a better foundation for your future. After all, knowing how much to save today will help you live more comfortably tomorrow.