Friday, August 12, 2022

Here’s how much Americans have saved for retirement at every age

Estate planningVanguard recently compiled a report on how much Americans have saved up for retirement by age. The report showed that on average, Americans have saved $141,542. However, this amount changes amongst the various age groups.

While age is a major contributing factors to how much individuals have saved for retirement, there are many other factors to consider. These include income range and length of time an employee has worked for a company. Experts recommend a retirement savings rate of 12% to 15%, however, they recognize that this may be a daunting number. The number one tip is to save at least as much to reach an employer’s full match.

For more information:

See Cheyenne DeVon “Here’s how much Americans have saved for retirement at every age” CNBC Make It, July 30, 2022.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention. 

https://lawprofessors.typepad.com/trusts_estates_prof/2022/08/heres-how-much-americans-have-saved-for-retirement-at-every-age.html

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