• Skip to primary navigation
  • Skip to main content
Good Financial Cents®
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
  • Make Money
    • Get Money Now
      • Ultimate Guide to Making Money
      • Need Money Now
      • Get Free Money Fast
      • Make Money Fast
      • Make $1K Per Month
      • Make $100 Per Day
    • Control Your Destiny
      • Self Employed Jobs
      • Make Money from Home
      • Hobbies That Make Money
      • How to Become a Freelance Writer
      • Small Business Ideas to Start
      • How to Become an Independent Contractor
      • Best Online Jobs
    • Passive Income
      • Passive Income Ideas
      • Multiple Streams of Income
      • Extra Income
      • Residual Income Ideas
      • Learn to Sell e-Books
      • Make Money on Facebook
      • Make Money on Tiktok
      • Best Online Survey Sites to Make Money
    • Explore More
      • Best Side Hustle Ideas
      • Make Money for Teens
      • Best Online Colleges
      • Best Jobs No College Degree
      • Become a Millionaire
      • Careers for the Future
  • Manage Money
    • Best Of
      • Budgeting Tools
      • Personal Finance Software
      • Best Cashback Cards
    • Company Reviews
      • Personal Capital vs Mint
      • Personal Capital Review
      • SmartAsset Review
    • Guides
      • Buy or Lease a Car
      • What is Liquid Net Worth?
      • Setting Financial Goals
      • How to Budget
      • Ways to Save Money
    • Explore More
      • How Much Car Can I Afford?
      • Best Auto Refinance Companies
  • Invest
    • Best Of
      • Best Short and Long-Term Investments
      • Best Low Risk Investments
      • Best Online Stock Brokers
      • Best Crypto Exchanges
      • Best Short Term Investments
      • Best Long Term Investments
      • Best Trading Platforms
      • Best Investment Apps
    • Company Reviews
      • Lending Club
      • Robinhood
      • M1 Finance
      • Ally
      • TD Ameritrade
      • Fundrise
      • Betterment
      • Etrade
      • Wealthfront
    • Guides
      • Investing for Beginners
      • Investing Small Amounts of Money
      • Investing in Real Estate
      • No Money Down Real Estate
      • Bonds vs Stocks
      • Peer to Peer Lending
      • Best Hedges Against Inflation
      • Safe Bitcoin Investing in 2023
    • Explore More
      • Bitcoin vs. Real Estate
      • Betterment vs Wealthfront
      • Investing for College Students
      • Stock Market Alternatives
    • By Investment Amount
      • How to Invest $100
      • How to Invest $1K
      • How to Invest $2k-$3k
      • How to Invest $5K
      • How to Invest $10K
      • How to Invest $15k
      • How to Invest $20K
      • How to Invest $30k
      • How to Invest $50K
      • How to Invest $100K
      • How to Invest $200K
      • How to Invest $500K
      • How to Invest $1M
  • Taxes
    • Best Of
      • Best Tax Relief Companies
      • Best Tax Software
    • Guides
      • Federal Income Tax Guide 2023
      • Taxes and Cryptocurrency
      • How to Do Your Own Taxes
      • How to Invest Your Tax Refund
      • Hiring a Professional Tax Preparer
      • Tax Tips for Freelancers
    • Company Reviews
      • TurboTax Review
      • H&R Block Review
      • Taxslayer
      • Tax Act
  • Insurance
    • Best Of
      • Best Life Insurance
      • Best Home Insurance
      • Best Auto Insurance
      • Cheap Term Life Insurance
      • Car Insurance For Young Adults
    • Guides
      • Term vs Whole Life
      • Different Types of Car Insurance
      • Average Cost of Car Insurance
    • Explore More
      • Life Insurance Over 50
      • Life Insurance Over 80
      • $1 Million Life Insurance
      • $2 Million Life Insurance
      • $3 Million Life Insurance
    • Company Reviews
      • Banner Life Insurance
      • Ladder Life Insurance
      • Health IQ
      • Haven Life
      • Policygenius
      • State Farm Auto Insurance Review
  • Retirement
    • Roth IRA
      • Best Places to Open a Roth IRA
      • Best Investments for Roth IRA
      • 7 Roth IRA Secrets
      • Roth IRA Conversion Guide
      • Roth IRA Rules
      • Roth IRA vs Roth 401k
      • Are Roth IRA Contributions Tax Deductible?
    • 401(k)
      • 401(k) Limits
      • 401(k) to Roth Rollover
      • Is 401(k) Enough for Retirement?
      • Maxed Out 401(k): What's next?
    • Traditional IRA
      • Traditional IRA Rules and Limits
      • Traditional IRA vs. 401(k)
      • Simple IRA Rules
      • SEP IRA Rules
      • How Much Do You Need to Start an IRA?
    • Explore More
      • SEP IRA vs. Roth IRA
      • 457 Plan for Successful Retirement
      • 401a Rollover Rules
      • How to Retire at 50
      • How to Retire at 55
  • Banking
    • Best Of
      • Best National Banks
      • Best High-Yield Savings Accounts
      • Best Checking Accounts
      • Best Savings Accounts
      • Best CD Rates
      • Best Money Market Accounts
    • Company Reviews
      • BBVA
      • Synchrony
      • Wells Fargo
    • Explore More
      • 9 Banking Alternatives for 2023
      • What is a Credit Union?
  • Home
    • Best Of
      • Best Mortgage Lenders
      • Best Mortgage Refinance Companies
      • Best Home Warranties
      • Best Homeowners Insurance
      • Best VA Loans
      • Best Mortgage Rates
      • Best Moving Companies
      • Best Home Security
    • Guides
      • Home Buying Checklist
      • Online Home Appraisal
      • How Much House Can I Afford?
      • First-time Homebuyer Programs
      • How to Get Approved for a Home Loan
      • Save Money When Building a House
      • How to Save for a Downpayment
      • When to Refinance Your Mortgage
    • Explore More
      • 15 vs. 30-year Mortgage
      • Home Warranty vs. Home Insurance
      • Veterans United Home Loan Review
      • Quicken Loans Review
      • HELOC vs Second Mortgage
      • DCU Mortgage Review
      • Costco Mortgage Program Review
      • USAA Mortgage Loan Review
  • Credit
    • Best Of
      • Best Credit Repair Companies
      • Best ID Theft Protection Services
      • Best Credit Report Options
      • Best Bad Credit Loans
    • Guides
      • How to Build Your Credit Score
      • How to Raise Your Credit Score in 5 Months
      • How to Dispute Your Credit Report
      • Hot to Remove Collections from Your Credit Reports
      • How Identity Theft Destroys Your Credit Score
    • Explore More
      • What is a Good Credit Score?
      • What is a Bad Credit Score?
  • Debt
    • Best Of
      • Best Debt Consolidation Loans
      • Best Personal Loans
      • Best Student Loans
      • Best Student Loan Refinance
    • Guides
      • What is Debt Consolidation?
      • How to Get Out of Debt
      • How to Get a Personal Loan Approved
      • How to Pay Off Student Loans Faster
      • Should I Consolidate My Debts?
      • Should I File for Bankruptcy?
    • Company Reviews
      • Credible
      • Sofi

Average Retirement Savings by Age – How Does Your Savings Stack Up?

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: September 2, 2021
  • 4 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

Quality Verified THE GFC® PROMISE
shield check icon
Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

shield check icon
Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

average retirement savingsYou’ve been busting your butt, scraping by, trying to save as much as you can into your retirement accounts, but you never feel like it’s enough.

Money is such a taboo subject that most of your co-workers don’t feel like opening up about how much they have saved (or how much they wish they would have), so it’s tough trying to gauge if you’re even in the ballpark of actually retiring one day.

How do you know how you compare to the average retirement savings figure?

According to a recent survey, 51% of workers over the age of 55 have less than $50,000 saved for retirement. And 39% in that same age group have less than $25,000 in retirement savings. Those are frightening numbers if you consider that those people are very close to the typical age of retirement.

Guide to Retirement Savings

The Employee Benefit Research Institute regularly publishes the average retirement savings of different age groups. Recent findings look like this:

  • Workers under age 35 barely have $6,000 in savings.
  • Those between the ages of 35 and 44 have roughly $22,500.
  • Workers ages 45-54 have saved just under $44,000.
  • Baby boomers, those aged 55-64, have approximately $65,000 in savings.
  • Those 65 and over have saved $56,000.

If you actually do the calculations, you will discover that these are scary findings indeed.

Half of all Baby Boomers don’t have enough money saved for retirement just to cover basic needs.

What can you do? First, you need to figure out how much money you will need for your retirement. There are many variables that must be considered including:

  • At what age do you plan to retire? If you are thinking about leaving the workforce early, you will need more money for retirement as you will be retired longer. Consider how long you will be retired. Not a thrilling thing to ponder, but crucial nonetheless.
  • How much of your current income do you feel you will need on a yearly basis once you retire? A common percentage range is 65-75%. Be sure to think about whether you will want to travel or relocate. Some people would like to have money to leave to their children. If this is true in your case, you might want to work with a percentage closer to 100.
  • Don’t forget inflation. Figure about a 3% per year inflation rate. Say you make $100,000 yearly and have decided that you require 65% of that per year during retirement. It is not sufficient to multiply $100,000 by 65% and come up with a neat amount of $65,000. Adding in inflation means you need to multiply your yearly salary by 1.03 and then take 65% of that. Remember you’ll have to factor a 3% growth each year! Although, honestly, inflation could be so much more by the time as you get closer to retirement. A sobering thought.

How to Get Your Retirement Savings Above Average

Once you come up with a rough estimate of what you will probably need for retirement, you need to start saving more. Seriously. With the average savings figures what they are, chances are you are not saving enough. Here are a few simple tips to kick your savings into gear:

  1. Save more. Add to whatever you are currently putting aside. Even a small amount, over a number of years, will add up. Put aside the most you possibly can.
  2. Take advantage of any plans your employer may offer. If you haven’t already, find out if your place of work offers 401Ks. Many companies contribute matching funds up to a certain percentage of your salary. But make sure you know how your money is being invested. Just because Dave Ramsey says to “get your free money first” doesn’t always mean it’s a good idea, especially if your clueless in how it’s invested.
  3. Open an Individual Retirement Account. Even if you have a 401K you can usually put aside extra funds into an IRA.

Remember, you may think you are prepared for retirement. But statistics show you probably aren’t.

Best Places to Kickstart Your Retirement Savings

It is never too late to kick your retirement savings into high gear. Getting started isn’t difficult.

All you need:

  • a brokerage account to hold your Traditional IRA or Roth IRA
  • the discipline to save each week or month

Here are some great places to open your Individual Retirement Account:

E*Trade

E*Trade is one of our favorite brokerage firms. With E*Trade, you get access to tools that can help both novices and seasoned investors reach their retirement goals. E*Trade is one of the best in the business, offering Traditional IRAs, Roth IRAs, and 401k rollovers.

When it comes to trades, E*Trade’s costs are extremely competitive at $0 on stocks, options, and ETFs.

Open an account with E*Trade to enjoy the perks of having an account with one of the best online brokers.

TD Ameritrade

Open Roth IRATD Ameritrade makes the process of opening and funding your Roth IRA very easy. It can take you less than 15 minutes to open up a brand new IRA.

(That means you can’t say “I don’t have time to open a Roth IRA!”)

Even better, TD Ameritrade is willing to pay you to open an account with them. Bonuses range from simply being able to trade free for 60 days to up to $600 in cold hard cash deposited into your account.

Open an account with TD Ameritrade and get up to $600 just for opening an account.

Betterment

Betterment takes the issue of analysis by paralysis out of retirement accounts.

One of the common complaints people use as an excuse for not saving enough for retirement is that it is too difficult to choose investment options.

Deciding between ETFs and stock mutual funds, bond funds, and the like can be very confusing.

Not so with Betterment. The company uses a sliding scale of risk to balance your portfolio between two baskets of investments: a bond ETF basket and a stock ETF basket.

It’s incredibly simple and makes having to decide what to do a lot easier.

Plus, you get $25 if you open an account with at least $250.

Open an account with Betterment to kickstart your retirement savings.

Best Places to Open a Roth IRA (and Get Sign Up Bonuses, Too!)

Want to look at all of your options for brokerage firms? We’ve culled the list of major retirement account providers down to show you which ones are the best. We also want to make sure you are getting the most bang for your buck — brokerage firms offer big sign up bonuses for you to open an account with them.

If you’re going to open an account, you might as well get a bonus, right?

Here are the two resources we’ve created:

  • Best Places to Open a Roth IRA
  • Best Online Stock Broker Sign Up Bonuses

What are you waiting for? Stop putting off saving for retirement, get your saving into gear, and open a great account today to help you get there. 

Facebook LinkedIn Twitter

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

Facebook Twitter LinkedIn

You Might Also Enjoy

Roth IRA vs Traditional IRA: Understand the Difference

Roth IRA vs Traditional IRA: Understand the Difference

How to Retire at 50 in 7 Easy Steps

How to Retire at 50 in 7 Easy Steps

How to Check Your 401(k) Balance

How to Check Your 401(k) Balance

Pre-tax vs. Roth (after-tax) 401k Contributions

Pre-tax vs. Roth (after-tax) 401k Contributions

7 Things You Need to Know About a Simple IRA for 2023

7 Things You Need to Know About a Simple IRA for 2023

Roth IRA Rules and Contribution Limits for 2023

Roth IRA Rules and Contribution Limits for 2023

32 Comments

  1. Steve January 24, 2022

    My wife and I have saved $2.6M (not including $600K of equity in home) we need $12K a month from retirement. How long will $2.6M last?

    Reply
    • Jeff Rose, CFP® April 5, 2022

      Depends on how you are currently invested.

      Reply
  2. DannyG April 15, 2018

    My wife and I are 57 and 61, respectively. We have around $1.2 million set aside for retirement. I think one of the best decisions we ever made was over 20 years ago when we purchased a house that was about half of what we qualified for. It was financed for 15 years and paid off early and we still live there. As we look at our circle of friends, many of who have bought homes at double the cost of ours, we realize that it’s not just the cost of the house, it’s all the increased expenses that go with it – utilities, taxes, furnishings, etc. – that have increased their cost of living. My advice to folks would be if you’re willing to not “keep up with the Joneses” and “buy in” way below what you “can afford,” and then put aside the difference, you will be rewarded exponentially down the road. It’s worked for us.

    Reply
    • Jeff Rose April 18, 2018

      Hi Danny – What you and your wife did with your house is the most basic path to financial success – as your situation proves. Only by living beneath your means can you accumulate real wealth. And you’re absolutely right, the house you buy sets the tone for your general spending levels. Some houses, in certain neighborhoods, affect your entire spending pattern. Cars, furniture, what schools your kids attend, even the vacations you take. You and your wife made a very smart money decision, and it didn’t even have anything to do with investing! Good for you both!

      Reply
  3. kevin meek March 27, 2018

    I am soon to be 69, still working but planning to retire in 15 months. My wife is 67, retired and has a city pension and is taking social security. I am taking the
    spousal benefit. Net Worth is North of 500K, which should place us in the top
    15% of those prepared for retirement, yet I am still feel less then confident.
    I have always feared a wolf at my door, but we have been prepared and
    weathered the rough patches.

    They do not need to raise SS taxes, they need to raise the ceiling on income
    that can be taxed for SS

    kevin

    Reply
    • Jeff Rose March 28, 2018

      Hi Kevin – I think everyone has some reservations about retiring. It’s natural since you’re about to give up what has been a reliable income source for a very long time. But you and your wife are well prepared, so try not to worry too much.

      Reply
  4. Dwight Brawdy April 29, 2016

    I agree that we all should save as much as possible and I did all my life. I grew up in a very poor family but not because my parents didn’t work and manage, it was because of my mothers health in the mid fifties with no health insurance. My dad lost the family farm because of hospital debt. I grew up working at a young age at what ever work I could get. I had determination to claw my way out of poverty. We all should realize that there are some things that just happen and its not always because of mismanagement. Today at age 70, I am in the top 10% of people with a decent savings account and still watch it closely. Also, after you save it, you have to learn how to keep it!! There are PLENTY of scams out there and many of them are STOCKBROKERS!!!! BE CAREFUL of the people you let handle your money!!!!!!!!!!!

    Reply
  5. Linda January 17, 2016

    I am ahead of the curve, but given that these numbers are dismal, being ahead of it is only slightly encouraging. I have 9 years before I’m eligible and currently ok, but no where near where i wish to be.

    Reply
    • Dwight April 29, 2016

      Linda, you sound like one smart cookie!! I am a guy who is retired and I am sure glad that I scrimped and saved when working because I have had a secure retirement so far. I watched many co-workers squander money and make fun of me for being “Tight” , but now their retirement is from one pension check to the next! So many people have no common sense when it comes to money. GOOD LUCK to you, hope you have a wonderful retirement!!!!!!!!!!!

      Reply
  6. A Frugal Family's Journey May 23, 2014

    Wow…average retirement savings amounts are scary! I suppose that is why the average person works until 65 or beyond. Our family is dedicated to putting at least 50% of our income into savings, retirement, college, and other investments. Totally agree with you…and we are living proof that the more you put away, the greater your success! Cheers.

    Reply
  7. Jeff January 27, 2014

    Those are scary stats indeed! I love the calculator above, it is the best I have seen!

    Although I haven’t saved a ton of money in my 401k at this point, 12k, and wished I would have started contributing more earlier, I feel like I am in really good shape. I have a full military retirement, plus I will have another pension at age 62; working 20 years at the VA. I can add my 401K to that, contributing 15% (now and increasing each year), with employer matching 5%. If Social Security is still, there I can also grab that at age 62.

    Reply
  8. giusseppe maggiotto February 1, 2013

    my wife and i will be both 55 years this year. she worked as an accountant for more than 20 years and has been laid off work 3 years ago and she does real estate which has been on and off. i retired from the military with a current retainer pay of $3600/month. we have a paid off condo and $275000.00 in savings… i just got laid off due to DoD reduction in workforce and it doesn’t look much rosier in the coming years. i am not sure how much will be our social security benefits, what do i do to get by? i still want to contribute to the society rather than just sit home

    Reply
  9. Susan December 19, 2012

    What may have happened to some baby boomers like myself is they lost retirement funding several times in their working lifetime. It seems I would almost start over. I would start to get a nest egg via IRA investments and then I would take a big loss. I knew that social security was not going to take care of me and so even as a single parent saved. Unless you were an investment guru you used a financial planner. I know that I saw my funds plummet 3 times in my years I am 59 now. If we are going to have a recovery make it soon!

    Reply
  10. GLM November 15, 2012

    Age 54 & 56 . Saving as much as possible for 27 years in 401k , and for college (2 kids ) then added Roths and outside investments . House downsized and paid cash for when youngest was a freshman in college . Upped savings again at that time – 8 years ago (yes we thought we had too much at risk in housing equity and that the market might correct) .

    Net worth broke 1 million about 5-6 years ago and hit double that earlier this year (we hung tight after the crashes and kept investing . We moderate buy cars new and keep them until they are a mechanical nuance.
    (currently they are 12 & 8 years old with no plans to get a new car now ) .

    We currently live on about 1/3 of husbands paycheck (I have been a stay at home wife for 28 years. ) pay about 1/3 in taxes and save the other 1/3 .

    Considering retirement . We can live on our nest egg , but worry about inflation, poor investment returns , family needs (parents – the kids have been on their own and are well educated and independent) and the possibility we may live another 40+ years.

    Husband looking at part time work – enough to cover expenses so we don’t have to touch the savings . No pension no health care provided . We are healthy and insurable but I am concerned the new laws will drive our costs through the roof. (We have done out best to maintain or health equity – when I worked I was an R.N- and have always considered a good diet and exercise non optional even when pinching pennies . )

    Ready to get off the high tax and 24/7 on call work schedule

    Reply
  11. Ken October 17, 2012

    I posted before, My wife and I are now having a baby early next year.

    Its going to be a big change. My wife is planing to work 4/5 time and that means we are going to take a 20% pay hit for her, plus have to pay 20% of her benefits. So its going to cost us $1600 a month, plus we are going to have some day care expenses and kid stuff. So that right there is going to be a big impact.

    Reply
  12. Klorwisp October 17, 2012

    Interesting comments by all.

    How many of you had children? If you did, how did you save and also save for their college?

    If you didn’t, do you think not having the expense of having children helped in helping you save for retirement?

    I find all this very interesting.

    Reply
  13. Allan September 20, 2012

    My wife and I are 68 years of age, retiring at 62. We always spent less than we made, saving in the range of 12 to 20% of our gross income each year, investing in a self-managed, balanced portfolio. We bought new cars about each ten years with cash, paid off our mortgage at age 58 and have paid in full for most everything we have purchased, including a recent reroofing of our home from savings. We have nearly $1.9 million on our retirement portfolio and are living comfortably off of Social Security income and the income from three pensions right now, not spendng anything in our retirement portfolio to date. We expect that that will come later as health problems in old age take their toll. We have no plans to downsize our housing for now as we live in north GA where our costs are really low compared to WI were we lived until we were age 56. When we do downsize, it will likely be a condo back in WI to be with relatives and friends.

    Reply
    • Jeff January 27, 2014

      Great job Allan! You are an inspiration to the rest of us! I try and teach my kids about personal finance, investing in a 401K and avoiding debt. I wish my parents would have stressed the importance of investing, but I didn’t have very good role models. In my opinion, every high school should make personal finance classes mandatory. Our country would be much better off.

      Reply
  14. Bob September 3, 2012

    I am not surprised by these numbers. Most people I know tend to live for the day instead of tomorrow. My wife was a stay at home Mom and we struggled to save. We are both in our mid fifties, our home is paid for, we have no debt at all. Our total retirement savings is $450K and I think we are not where we need to be yet.

    Reply
  15. Johnn June 12, 2012

    My wife is 60 and I am 55. We have a combined retirement savings of $700,000 in 401ks, 403bs, Roth IRAs. We contribute about 20% of our income into savings and have for the last 20 years. Our combined pensions and Social Security will be about $48,000 a year (if we retire at age 62-65). Given what I see with other people, I fear our savings still won’t be enough. Medical costs, potential long-term care costs, and inflation are a big concern to us. Our house will be paid off in about 7 years and we owe no other debt. Some say we are “Looking GOOD”. I’m not so sure.

    Some money wizards are suggesting anywhere from $1,500, 000 to $2,500,000 as being a goal for retirement savings in our case. We are not going to make that kind of money in this market over the next ten years. I guess we will either work until we drop dead or live on what we have until it runs out, then it will be to the streets and a tent. How are people at age 60 today going to make it when they only have a tenth of what we have accumulated?

    Reply
  16. Tie the Money Knot June 11, 2012

    51% of workers over 55 have less than $50k saved for retirement?

    Wow, that’s sad. Not unexpected data, but still unfortunate. I truly wonder how those people are going to survive in their old age, not only with daily expenses but also with health care. Even though a number of these people might have simply been totally negligent, I still feel bad for their plight – if they realize how bad it actually is.

    Save early, save often, and avoid big mistakes!

    Reply
  17. SavvyFinancialLatina June 10, 2012

    I agree this is such a touchy subject. No one wants to talk about it.

    Reply
  18. [email protected] June 8, 2012

    Scary stats indeed! We have a nice start to our retirement savings, but I can’t wait until we are debt free so we can max out our Roth IRAs.

    Reply
  19. Mike Collins June 8, 2012

    I’m not in bad shape, but certainly not where I’d like to be at 35. If only I could get the Delorean running so I can go back in time and smarten my younger self up!

    Reply
  20. Ken June 7, 2012

    My wife is 29 and i’m 28. We each have over 100k in 401ks and 40-50k in IRAs. Then we also have liquid savings/stocks of about 50k.

    I know my mom does not have much <10k and is dependent on PERS and SS. At least her house is paid off and she doesn't have debt.

    Reply
    • Jeff Rose June 7, 2012

      @Ken Great job bro on such an awesome job on your savings! Especially since it sounds like you didn’t have the best role models to follow.

      At your age I had more in savings and in my retirement accounts than my father did when he passed away. He was the epitome of what “not to do” with their finances.

      Reply
      • Ken M June 8, 2012

        It’s crazy to think about it though. Most people are completely dependent on SS.

        I imagine in my life they will increase the SS tax to pay for people that did not save and I will get punished because I did and lived below my means.

        Reply
  21. [email protected]&More June 7, 2012

    I am ahead which is good news for me. However, I don’t think being ahead mean I’m well off. I really hope that people start taking retirement seriously and start saving major money as early as possible. Time is your best friend.

    Reply
  22. Jacob @ iHeartBudgets June 7, 2012

    I’ve got about $12 in a Roth IRA and $3k in my 401k. I am 26 years old. I could have MUCH MORE if I wasn’t an idiot with money when i was younger. Oh well. Seems like I’m technically ahead of the curve right now. With dismal numbers like the ones above, I wonder how people even eat when they retire, let alone go anywhere…? Must be good ol’ pensions and Social In-Security.

    Reply
    • Jacob @ iHeartBudgets June 7, 2012

      Meant to say $12k, not $12, haha!

      Reply
    • Dwight April 29, 2016

      [email protected], At least you woke up to the fact that you needed to save more! MANY DONT!! Trust me Jacob, Social Security is not much to try to live on and it probably be cut in the future. I am retired and I know how it is. During my working life, I always scrimped and saved every dime I could. I always bought good used cars instead of new ones because of depreaciation and never charged anything, no credit cards. The whole time, I watched co workers squander most of what they made. Today those same coworkers live from one SS check to the next.

      Reply
  23. Craig June 7, 2012

    Stats like that are useless to most people. You need to compare based off of your lifestyle and standard of living.

    Reply

Leave a Reply

Cancel reply

  • Make Money
  • Manage Money
  • Invest
  • Taxes
  • Insurance
  • Retirement
  • Banking
  • Home
  • Credit
  • Debt
  • About
  • Contact
  • Facebook LinkedIn Twitter

© 2023 Good Financial Cents®. All Rights Reserved. | Privacy Policy | Disclaimer

All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services.