Do you ever wonder how your retirement savings stacks up against the average american? Below is a table of the 401k balance by age. It shows the average retirement savings balance, the retirement savings savings rate (including employer match), and how much times your annual income recommended to have saved to be able to retire well, according to Fidelity.
|Age||Average Retirement Savings Balance||Retirement Savings Rate||Annual income needed to be saved|
Knowing the average retirement savings of an American can provide you with important insights into the state of retirement planning and preparedness in the United States. It can give you a sense of how much the average American is saving for retirement, and whether this amount is sufficient to support a comfortable retirement.
By understanding the average retirement savings of an American, you can also gain insights into the challenges and barriers that people face when it comes to saving for retirement. For example, if the average retirement savings are relatively low, it may suggest that many people are struggling to save enough for retirement and may need additional support or education to help them plan and prepare for their future.
In addition, knowledge of the average retirement savings of an American can be useful for setting personal financial goals and benchmarks for retirement planning. It can help you determine how much you need to save in order to meet your retirement goals, and how your savings stack up against the national average.
However, it is important to note that the average retirement savings of an American may not necessarily reflect the savings habits or needs of individual households, as retirement savings can vary widely based on factors such as income, age, and lifestyle. As such, it is important to consider a range of factors when setting personal retirement goals and developing a savings plan.
Data Provided by: Fidelity