Average American Retirement Savings – How Am I Compared To Others?
When it comes to the average American retirement savings how do you compare with others? Comparing your retirement savings with the average amount saved for your age group can help show you exactly where you rank in this area. If you are in your 20s then the average savings achieved are between $6,759 and $52,268, depending on the annual salary level. This age group does not always have access to a retirement savings plan or the financial resources to contribute. Higher annual salary levels allow larger retirement contributions. Individuals in this age group with an annual salary of $20,000-$40,000 have an average of $6,759 saved, while those with a salary range of over $100,000 in this age group have saved on average $52,268.
If you are in your 30s then the average American retirement savings for your generation is between $21,187 and $150,678 depending on annual salary level. The average for an annual salary of $20,000-$40,000 is $21,187, while the average savings for retirement for individuals who make $60,000 to $80,000 is $64,611. A retirement savings calculator can help you determine how much money you will need in retirement, and determine whether the contributions you are making are sufficient. Comparing your savings amount with the average amount saved for Americans will show whether you are ahead of or behind the curve. This step can help offer reassurance if you are concerned about the condition of your retirement savings, or help you determine where you are lacking so you can make adjustments.
The average American retirement savings for individuals who are in their 40s range from $51,130 to $280,624 according to annual salary levels. For the $20,000 to $40,000 range the average savings for this age group is $51,130. When the salary range is $60,000 to $80,000 the savings jump to $133,488, and for those who make more than $100,000 annually the average amount in retirement accounts is $280,624. This increase in retirement cash flow can be substantial as the annual income level rises. In your 50s you should have between $66,378 and $344,526 in savings if you want to meet the average savings achieved by this age. The middle range for individuals in their 50s is $160,324 but to be in this group your annual salary level should be between $60,000 and $80,000.
If you have reached your 60s then the average American retirement savings to use for comparison will range from $58,028 to $344,849. The median savings amount and income level for this age group is $162,683. If your savings do not compare well with the average savings it is not too late. No matter what age you are you can make changes and meet or even beat the average retirement savings statistics. The first step is to get any financial advise that is needed. Ideally you would start saving for your retirement when you are young and in your 20s but if you are past this age it is never too late to start. Sound financial advice can help you meet your goals at any age.