Q: What are average retirement savings?
A: Here are some average retirement savings statistics that I have gathered:
The typical American household, headed by a 43-year-old, has retirement savings of $18,750.
The typical pre-retiree household (age 55 and up) has a retirement savings of $60,000.
Baby boomers between the ages of 41 and 54 have typically a retirement savings of $30,000.
Baby boomers have median total household personal retirement savings of $35,000.
Baby boomers who save in a 401k have an average 401k account balance of $80,000.
According to a survey, 51 percent of workers age 55 and up have saved less than $50,000 in retirement savings (not including the value of a primary residence). And 39 percent of workers in the same age group have saved less than $25,000 in retirement savings.
Another survey estimates that one in five pre-retirees age 50 to 64 has less than $5,000 in retirement savings.
A recent survey found that almost 70 percent of Generation Y workers (those 18 to 25 years old) don’t bother to contribute to a 401k.
I hope these have shed some light on your average retirement savings question.