A Simple Google Search
Thanks to published reports and the magic of Google, it doesn’t take much investigation to get a handle on the current state of things.
For example, a recent Google search of ‘how many Americans have $100,000 saved for retirement’ reveals the following (and staggering) statistics on page 1 of the search.
Despite planning, nearly 50% of Americans have less than $100,000 saved for their retirement, according to a LearnBonds report.
The data shows that 42% of people aged 18-29 have no retirement savings, along with 26% of Americans in the 30-44 age bracket. Among those closer to retirement, 17% of people aged 45-59 report a complete lack of retirement savings and that figure if 13% for those aged 60+ (forbes.com)
Nearly a quarter of the millennial population (defined here as ages 24-41) has $100,000 or more in savings, up from a mere 16% who had hit this milestone in 2018 according to a new report from Bank of America (cnbc.com)
Those who do have retirement funds don’t have enough money in them: 56-61 year olds have an average of $163,577 and those 65-74 have even less in savings. If that money were turned into an income annuity, it would amount to a few hundred dollars a month. (Investopedia.com)
While the recommended retirement plan savings amount is up to four times your annual salary, this is not a reality for most Americans. The average income for those in their 40’s is just above $50,000 but the median retirement savings amount for this age group is $63,000. (Synchronybank.com)
Nearly 70% of Americans have less than $1000 stashed away, according to GOBankRates’ 2019 savings survey. The poll … revealed 45% have nothing saved.
In 2019, the average 401k account balance was $92,148 according to Vanguard data (businessinsider.com)
Nearly ⅔ of 40-somethings have less than $100,000 in retirement savings
Americans aren’t saving enough for the future. Just 22% have less than $5000 earmarked for retirement, according to new data from Northwestern Mutual’s 2019 Planning and Progress Study. Another 5% have between $5000-24,999. And 16% have saved $200,000 or more… those ages 55-73 (baby boomers) 17% have less than $5000 in retirement savings
In march 2020, approximately 26% of adults 60 and older had less than $100,000 saved for retirement
Research by the Federal Reserve found that the median retirement account balance in the US - looking only at those who have retirement accounts - was just $60,000 in 2016… About a quarter of the population does not have a retirement account. The fed estimates that by retirement, this number will grow to a median of $228,900. (Smart asset.com)
If you have $500,000 in savings, according to the 4% rule, you will have access to roughly $20,000/year for retirement for 30 years. (Investopedia.com)
According to a recent study, one in five American adults have nothing saved for retirement or emergencies… 20% have only 5% or less of their annual income saved… Less than a third of Americans have saved at least 11% or more of their income. (Forbes.com)
A Government Accountability Office (GAO) report from 2017 found that the median retirement savings for Americans between the ages of 55-64 was $107,000. The GAO notes that this sum would translate to a $310/month income payment if it was invested in an inflation-protected annuity. (Investopedia.com)
Americans who are age 55-64 have only saved 12% of what they need to fund a secure retirement