Retirement Savings and 401(k) Data

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)

 

Source:
Ready for the golden years? 8 facts on retirement savings
Stan Choe
Associated Press via USA Today, Oct. 31, 2017
https://www.usatoday.com/story/money/personalfinance/retirement/2017/10/31/ready-golden-years-8-facts-retirement-savings/813821001/

 


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