How Much The Average American SAVED Last Year By Age

How much do you think the average person saved last year?

Some Popular Retirement Calculators:

Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

Thanks for watching, I appreciate you!

#savings

[northtexan]

I'm Gen X and I'm envious of younger generations who have easy access to financial information and advice from people like Dave Ramsey and yourself. There were no videos about how much investing early can help later in life. Most financial advice came from credit card company's commercials who made debt seem like the way to get ahead. Fortunately, I've made enough good decisions as I got older and have decent retirement savings and no debt. If I work till I'm 65 I should be a millionaire but due to my late start I won't be retiring before 60. I really hope the younger generations continue to save more and make wiser financial decisions early in life rather than waiting until later.

[educatedwanderer]

I think the increase in available financial education online is helping a larger pecentage of the gen Z ramp up retirement saving close to 15%.

[ignitionSoldier]

We saved about 28% (around $40000) of our income last year. I am 41 so I am trying to hit it hard since I only stated saving for retirement 10 years ago. I feel I need to do as much as I can to catch up.

[rhondavigil]

My Gen Z son is a super saver. Roth, pension, savings. He is a worker and investor. He had the benefit of watching us get out of debt and pay off our mortgage. Our girls are young millennials and aren't savers like him.
Both are hard workers but live larger without investing much.
My husband and I are Gen X. We were late bloomers in getting our finances in order but still able to retire early.
It comes down to personal choices. Everyday we all make choices that impact our finances.

[livingunashamed]

I saved around 10k last year and will try to hit 10k-11k every year :).

[joethecomputerguy]

Started saving for retirement when I graduated college (without any debt, BTW) at 23. Retired at 52 six+ years ago. Retirement is awesome and no one can take the past 6+ years away from me.

[ehderguyyashootadeerorno]

Great information. Last year I was 36 with a single income, stay at home wife and two young boys (new born and 5 year old) and I saved $37, 580.93 (mostly Roth and brokerage accounts) and bought a brand new house in Dec 2022. This year I pulled $50, 898.53 out of my accounts for a down payment on 80 wooded acres (it was too good of a deal to pass up). This year I've saved $11, 300 so far and summer is when I make my big commissions so that number should shoot up quickly. I've over saved for many years which allowed me to take advantage of the land. You never know when an opportunity will come up. keep the videos coming. Yeah der eh (just had to since I know you're from MI)

[debbieamper]

Thank u for finding this info. I commented a couple months ago abt saving percentages and you commented back. I like the fact that we have whole dollar amounts we can refer to as far as the amount per year we need to save.

[FirefightersFinancialToolbox]

Hopefully our kids will listen to some of us who already made mistakes, by not starting early enough. As a Gen X'er about to retire at 55. My wife and I really worked hard to save later in life. Due to the mistakes of our youth! The first big step we made early was to completely get rid of CC debt, after that it was easier to save!

[gregorycarson]

I just started in 2018 company match 4%, 2019 10%, 2020 0%, 2021 12%, 2022 15%, 2023 20%, im retiring early at 62 in 5yrs and I should have about $80k in retirement with only a mortgage/utilities and health insurance.

[famicomnintendo]

Congrats to those who started to save early for retirement

[xmochix]

My teen is exceptionally frugal. I give this generation lots of praise because they know how to to save. Unlike me when I was in my teens horrible with finances.

[tomscott]

I took my SS at 66 and still worked until 72 so that I was able to save and invest my SS and pension. Thank you for making the videos. I look forward to each one.

[papashuk]

Consider that the average car payment per household is $750 which makes car manufactures extremely happy and doesn’t help retirement accounts.

[staceymathiskc]

My husband and i are in our early 40s. We managed to max out our ROTH contributions last year while contributing enough to our employer plans to get the full match. We we are continuing to try to increase retirement savings but like your video said, I'm kind of shooting for a random number. I need to get more specific in what we will need to retire.

[dodgerblue]

I am Gen X and had to retire early due to health issues. I have a small pension, my house is paid off and I have no debt. I had invested heavily, especially in the last 5 years is the deferred comp plan at work. In my first year of retirement, despite losses from the deferred comp account my balances increased by $29k, I also loaned out $9k that is unlikely to return. This year I decided to get a part time job but unfortunately I have not earned much through the temp agency that I signed up with. It really is important to live within your means and save for the future. If I hadn't, my health issues would have devastated us. Good Luck to everyone.

[garynovak]

I'm retired, but I can't help saving. It's just wired into me now. I like bigger numbers. So I have that working for me.

[nathanyoder]

Thanks for all your videos Erin! Really makes my Friday mornings more enjoyable!

[TheTrueHardcorefrk]

Gen Z here. I've maxed my roth out two years in a row going on three this year. Other than that, I've been paying off debt. Bought a truck for 36k in february. Didnt like making the payment so I've thrown a large amount of my savings at it and a large chunk of my paychecks and now only owe 12k. After that, 10k in student loans. Then I'll start saving for a house downpayment. I can't get a conventional mortgage for 2 years since my job is commission based so I'll have a pretty sizeable downpayment by then. The access to information makes everything I do possible! Otherwise, I'd probably have a few too many kids, fast cars, and knee deep credit card debt!

[HighCountryRambler]

I'm a boomer, retired early and had auto invested into a matching 401K for over 30 years to average 18% saved. Also paid off a couple rental homes so with pension, SS, and rental income haven't needed my IRA yet after 5 years in retirement. We really didn't have videos' like this, I have to admit, I didn't know what to figure into my savings goals which resulted in a decent ballance. In fact I'm still putting the max in my Roth in retirement, and able to give some to charities. If I were to do it over again it would be more into Roth and less into Traditional.