From the article, Here are the median amounts of what individuals currently have saved for retirement, categorized by age:
Age Range Median Retirement Savings
Under 35 $18,880
35-44 $45,000
45-54 $115,000
55-64 $185,000
65-74 $200,000
75 or older $130,000
Source: Federal Reserve
What you actually need for a 25 year retirement varies a lot based on your location. From memory they said Miami, FL would review about $1.1m, while McAllen, TX would require about $570k.
FL would review about $1.1m, while McAllen, TX would require about $570k.
I’d be so screwed if I didn’t live in a Social Democratic “hell hole”, where the government takes care of me.
Thanks for sharing the data!
this is why the privazitation of retirement is just nonsensical. You can’t expect the median american to be able to invest in a way to provide an adequate retirement. God I remember when they wanted to float a scheme to have social security be essentially a 401k
Privatization of retirement did exactly what it was designed to do: it tied retirement savings directly to the stock market so any attempt to rein in Wall St has a built in poison pill for everyone over 30.
The real scheme behind the 401k is control. All the money managers boil down to Vanguard, BlackRock, and State Street, who use our funds to gain board control in every major commercial investment in the nation.
ugh and yeah. unlike ira there is no ability for employees to choose who is doing the management. Well outside of moving it over regularly which can be kinda hard to get to with all the other financial overhead pushed onto americans.
Who really has living expenses low enough to be saving 20% of their income for retirement right now?
Well I’m fucked.
Only the working class is fucked.
That is all of us…
According to a recent AARP survey, about 1 in 4 U.S. adults aged 50 and older say they never expect to retire and 70% are concerned about prices increasing faster than their income.
A GoBankingRates study, for example, found that you’d need over $1.1 million to fund a 25-year retirement in Miami, Florida, compared to nearly $570,000 in McAllen, Texas – based on the annual cost of groceries, housing, utilities, transportation, and healthcare costs.
Data from the Federal Reserve’s most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.
The average retirement savings account balance for all families is higher, at $333,940, since the wealthiest households tend to drive the average up. This also applies to individual account balances, as illustrated in the following table.
