Social Security was never meant to be the sole source of retirement income, though. Why Social Security Benefits Alone Won’t Be Enoughįor many Americans, Social Security benefits are the only source of income during their retirement. Including all age groups median net worth rose 18 percent from the 2016 survey to $121,700. In the 55-64 age range, average net worth is $212,500. For a head of household age 45 to 54 years old, that figure is $168,600. In the same Federal Reserve report, the median household net worth for a head of household age 35-44 years old is $91,300. Looking at overall net worth tells a similar story, although these figures have been consistently rising since the Great Recession. It isn’t just retirement accounts that Americans lack. Here are the numbers: Median Retirement Account Balance by Age Those numbers might not sound bad, but consider that the medical costs alone for a couple over the course of retirement is estimated to be about $200,000.Īn October 2020 study by the Center for Retirement Research calculated median retirement account balances by age from Federal Reserve survey data. The conditional mean balance was $255,200. – looking only at those who have retirement accounts – was just $65,000 in 2019 (the survey is conducted every three years). Research by the Federal Reserve found that the median retirement account balance in the U.S. households (with a head of household between the ages of 25 and 64) have a total $3.68 trillion less in savings than they should have for retirement. Taking them and people who aren’t saving enough into account, the Employee Benefit Research Institute estimated the retirement savings deficit to be $3.68 trillion in early 2020. According to a PwC report, one in four Americans have no retirement savings. What Are Average Retirement Savings by Age?įirst, it can’t be stressed enough that too many of us aren’t even saving for retirement. A financial advisor can help you manage your retirement savings and plan for the future. It can put your mind at ease to know that you’re ahead of curve – or let you know that you need to pick up the pace. So knowing how your retirement savings compare to your peers – and to older Americans – can be helpful. A small percentage (21%) have pensions.Īs we get closer to retirement, we tend to save more. Those of us who do, 54% have employer-sponsored accounts and 48% having savings in non-retirement accounts. Of course, these figures reflect the situation of people who have retirement accounts.
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