The Average Household has this much saved for retirement……
This article appeared in the Motley Fool and the answer is….the average American Household (between the ages of 55 and 64) has just over $100,000 saved for retirement. Depending on your perspective, that might be enough as you plan to live on Social Security and maybe have a pension. For others, this will not support the retired lifestyle you see in your future.
How do you compare? Here is the breakdown of retirement savings for millions of households:
41% have not saved anything for retirement
20% have between $1 to $50,000
8% have between $51,000 to $100,000
7% have between $100,001 to $250,000
15% have between $250,001 to $500,000
9% have over $500,000
Reading further you will see that if your household has $730,405 or more in retirement savings puts you in the top 10% of all households ages 55 to 64 in America.
Action Step: Whatever you are saving for retirement, save more as you will need it for retirement fun.
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