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Visualized: America’s Average Retirement Savings by Age
May 16, 2024
Many fear that there is a retirement crisis in the making, as Americans’ savings are far less than what they need for a comfortable retirement. The median family in the U.S. has just $87,000, according to the Federal Reserve’s Survey of Consumer Finances. Americans already at retirement have, on average, $609,000 saved for retirement. That’s far less than the $1.46 million that a survey from Northwestern Mutual found to be the ideal retirement savings target.
Of course, there is no one “ideal” target, as the amount needed for a comfortable retirement will vary widely depending on pre-retirement income, lifestyle, and cost of living. However, the current state of America’s retirement savings means that many will have to rely heavily on Social Security benefits and may not be able to fully enjoy their golden years.
For a full breakdown of Americans’ retirement savings by age, please see the following infographic from Visual Capitalists.
