How Your Retirement Savings Compare To The National Average (2024)

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How Your Retirement Savings Compare To The National Average (2024)

FAQs

How do you calculate if you are saving enough for retirement? ›

By age 50, you would be considered on track if you have three-and-a-half to six times your preretirement gross income saved. And by age 60, you should have six to 11 times your salary saved in order to be considered on track for retirement.

What is the average savings of Americans? ›

Many Americans have alarmingly low bank account balances. A recent GOBankingRates survey found that the largest portion of Americans (36%) have $100 or less in their savings account, with the next most common response being $101 to $500 (14% of Americans).

What is the national average of money in savings? ›

In 2022, the average savings account balance in the United States was $62,410, while the median balance was only $8,000. The average and median balances vary depending on age, with older generations having more savings. Individuals under 35 had an average savings of $20,535 and a median balance of $5,400.

Is 100K in retirement by 30 good? ›

“By the time you're 40, you should have three times your annual salary saved. Based on the median income for Americans in this age bracket, $100K between 25-30 years old is pretty good; but you would need to increase your savings to reach your age 40 benchmark.”

What percentage of white Americans have enough money to retire? ›

In 2019, about 63 percent of white households had a retirement account balance compared to about 41 percent of households of all other races. Among households that had retirement savings in 2019, white households had double the median balance of all other races ($164,000 to $80,300, respectively).

How many Americans have $1,000,000 in retirement savings? ›

However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings.

Do I have enough money saved for retirement? ›

At ages 56 to 60, you should have saved 7.6 times your current salary. At ages 61 to 64, you should have saved 9.2 times your current salary. Source: Chief Investment Office and Bank of America Retirement & Personal Wealth Solutions, "Financial Wellness: Helping improve the financial lives of your employees," 2023.

What is a realistic amount to save for retirement? ›

It's the million-dollar question — quite literally: How much should I save for retirement? There is a general rule of thumb: When saving for retirement, most financial experts recommend an annual retirement savings goal of 10% to 15% of your pre-tax income.

How much does an average American have in retirement savings? ›

What are the average and median retirement savings? The average retirement savings for all families is $333,940, according to the 2022 Survey of Consumer Finances. The median retirement savings for all families is $87,000. Taken on their own, those numbers aren't incredibly helpful.

How much money does the average person have in the bank in America? ›

American households, on average, have $41,600 in savings, according to data last collected by the Federal Reserve in 2019. The median balance for American households is $5,300, according to the same data.

How much does an average American have? ›

The average American net worth is $1,063,700, as of 2022.

How much does the average 70 year old have in savings? ›

The Federal Reserve also measures median and mean (average) savings across other types of financial assets. According to the data, the average 70-year-old has approximately: $60,000 in transaction accounts (including checking and savings) $127,000 in certificate of deposit (CD) accounts.

Can I retire at 50 with 300k? ›

Let's walk through the scenario. With $300,000 planned for your use as a retiree, a retirement age of 50, and an anticipated life expectancy of 85 years, you need that money to last you 35 years. This should mean that your yearly income is around $8,571, and your monthly payment is around $714.

What is considered a good monthly retirement income? ›

As a result, an oft-stated rule of thumb suggests workers can base their retirement on a percentage of their current income. “Seventy to 80% of pre-retirement income is good to shoot for,” said Ben Bakkum, senior investment strategist with New York City financial firm Betterment, in an email.

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