Average Retirement Savings at Age 65

This short discloses the average retirement savings of a retiree

[giovannidigitalart]

Wouldn't surprise me if the median was even lower. Love the videos. Good reminders to keep at it.

[julieg.]

Shocking to see the 25 year old and their estimation vs. today’s reality for ‘average’ 65 year old!?

[nightdipper]

Z-GEN may actually acquire an average of a million in their 401K when they retire, but the purchasing power of a million at that point will be equivalent to about 140K today. If they are lucky.

[wt]

When I was 25. I had 125 dollars in the bank.
I was getting paid 8.35 dollars an hour.
I didn't start the 401k contribution until age 32.
I retired last year at the age of 59.
My 401k balance was 1.2 million dollars.
275, 000 in Roth IRA
Pension payment of 1700 per month
My job comes with health care after retirement until age 65.

[RSCCTV]

Makes me feel a little better about what my wife and I have saved for retirement.

[joeysocks]

Sad, and I’ve heard over 70% of people are living paycheck to paycheck. 😮

[timmckeown]

Damn…the cost of keeping up with Joneses is having no or little money saved for retirement.

[ndirish]

Average is the wrong value to evaluate…use median, it takes into account the extremes. Frankly it’s less about savings and more about one’s expenses/debts.

[Larry-plwq]

I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.

[GrannyLinn]

Let’s hope the next generation learns from our mistakes.

[Pjeski]

There is hopefully a large difference in the average 401k balance and the average retirement savings of the typical 65 year old. Many people have multiple 401ks and some have only IRAs or Roth IRAs. There are other retirement investment options.

[mikerapp]

Not surprised. Whip-sawing of markets added to at will employees ability to save and historically low wages vs inflation. Yes. Not going to get any better.

[Saddlegait]

Many households have more than one 401K.

[zoomzoom]

Unless something significant occurs to change the current trajectory of the USA, I fully expect economic and societal collapse long before today's 25 year olds reach the age of 65; and I have teen kids. SMH

[furyofbongos]

And let's also consider non-IRA accounts.

[Happybidr]

That data collection is insufficient. Many retirees have multiple sources of retirement income. Our friends just retired with one pension, two SSAs, a TSP account, significant cash savings, a SEP IRA and a traditional IRA. That survey would miss that.

[desertfish]

Hey twenty- year-, olds--Get a government job with a pension AND make contributions to 401k/403b. Live your life. Tomorrow may not come.

[martywilliard]

Wonder how many 401k accounts a person has ? 3 maybe 4 ?

[roadtrip]

When 90 something parentals kick boomers get a boost

[Switchfpv]

When i was 25 there wasn't YouTube lol today generation can be educated more from the Internet then we ever did the question is if they still will have jobs or AI will take all 😊