If you’re wondering what’s a normal amount of retirement savings, you’re probably one of the 64% of Americans who either don’t think their savings are on track or aren’t sure, according to the Federal Reserve’s “Report on the Economic Well-Being of U.S. Households in 2020.”
Among all adults, median retirement savings are $65,000, according to the Federal Reserve’s most recent data from 2019. The Fed estimated that by retirement, that number would grow to an average of $255,200.
Of course, these figures reflect the situation of people who have retirement accounts. About a quarter of us don’t. Those of us who do, 54% have employer-sponsored accounts and 48% having savings in non-retirement accounts. A small percentage (21%) have pensions.
As we get closer to retirement, we tend to save more. So knowing how your retirement savings compare to your peers – and to older Americans – can be helpful. 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. A financial advisor can help you manage your retirement savings and plan for the future.