On average, Americans have around $141,542 saved up for retirement, according to the “How America Saves 2022” report compiled by Vanguard, an investment firm that represents more than 30 million investors.
However, most people likely have much less: The median 401(k) balance is just $35,345.
That means half of account balances are lower than this amount and half are higher. And since averages can be skewed by a few outliers, the median account balance is considered to be more representative of what most people actually have saved in their 401(k) accounts.
Here’s a look at how much money Americans have saved for retirement, by age:
<25 1.8K 6.3K
25-34 14.1K 37.2K
35-44 36.1K 97 K
45-54 61.5K 179.2 K
55-64 89.7K 256.2 K
65+ 87.7K 280 K
Joining us for this discussion on Scary Retirement Statistics is Markeith Gentry who is the station’s Production Assistant and makes sure Mastering Your Money is available to our listeners. Welcome back to Mastering Your Money, Markeith Gentry