Accessed Feb 17, 2023.View all sources. Based on the data from Federal Reserve report, retirement savings increase with each age group and can often become more aggressive as the traditional retirement age approaches. . Learn more about how Statista can support your business. Here's the latest data on the average retirement savings by age group. Another key consideration is that the reason these numbers are tied to your annual salary, rather than a set number, is because your income is expected to increase over time. Because earning, saving and spending differences are so variable, the value of your retirement assets should be based on your personal circumstances. Accessed May 01, 2023. https://www.statista.com/statistics/1218866/value-retirement-savings-by-age-us/, DQYDJ. You might also consult with a financial advisor on when and how to move your investments to lower-risk assets to protect your earnings thus far. That means all U.S. households (with a head of household between the ages of 25 and 64) have a total $3.68 trillion less in savings than they should have for retirement. Particularly for those who have kids, dollars may be stretched around paying for child care, saving for college and saving for retirement. The average American is not hitting the recommended retirement savings benchmarks. Two of the biggest factors that determine how much you need saved by retirement are your income and lifestyle. Is the S&P 500 All You Need to Retire a Millionaire? Thats a question a financial planner can help you answer, but it may also be helpful to consider how your personal savings compares to others in your age range. Read more. The average salary for Americans in their 40s is around $59,000. Having a ballpark projection of how much money you need to retire comfortably can be helpful. Particularly for those who have kids, dollars may be stretched around paying for child care, saving for college and saving for retirement. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Another simple guideline advisors often recommend is tucking 10-20% of your gross income away each month.

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