Facts on Retirement Savings
Source: USA Today
Some key datapoints:
1. A little more than half of America has a retirement account;
2. Only 35% of low-income working households had access to a 401(k) or similar plan; for high-income households, meanwhile, it’s 80%. (GAO)
3. Typical household with retirement account had $60,000 last year. However, the numbers are not smoothly distributed:
Households by income, typical amount of savings
Top 10% = $403,000.
Middle-income households median = $25,000.
4. Millennials have more than their parents at similar age:
Under 35 retirement account in 2016 = $12,300.
Under 35 in 1989 = $7,500 (inflation adjusted).
5. If American woman reaches 65 years old, life expectancy is an additional 20.6 years; for men, it’s 18 years. (CDC)
Ready for the golden years? 8 facts on retirement savings
Associated Press via USA Today, Oct. 31, 2017