I recently came across this data series and thought it a good wakeup call in that we can probably never save too much. To me, the most interesting or troubling aspect of the following chart is how little progress has been made since the year 2000. Even though some progress may have been made in the past four years, ask yourself, how are my retirement savings stacking up against these averages and do I need a change of behavior to improve my situation? If you answered yes, please reach out to me for a visit and how I may be of service in helping educate you about retirement planning.
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Mean retirement account savings of families by age, 2001-2013 (2013 dollars) |
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2001 |
2007 |
2013 |
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32-61 |
$86,187 |
$101,548 |
$95,776 |
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56-61 |
$155,371 |
$211,885 |
$163,577 |
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50-55 |
$129,938 |
$135,384 |
$124,831 |
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44-49 |
$91,243 |
$91,237 |
$81,347 |
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38-43 |
$52,843 |
$54,527 |
$67,270 |
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32-37 |
$2,880 |
$27,145 |
$31,644 |
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Note: Retirement account savings include 401(k)s, IRAs, and Keogh Plans |
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Source: EPI analysis of Survey of Consumer Finance data, 2013 |
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Any opinions are those of Eric Griessel and not necessarily those of Raymond James. |
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