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Retirement Savings by Generation

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Retirement Savings by Generation

Retirement saving balances tend to increase overtime with age. This infographic gives an overview of the average and median household retirement savings based on age groups, according to the most recent Survey of Consumer Finances. Figures include only those who have retirement holdings; however, as the data below will show, there are many people of all ages who do not have anything saved for retirement.

Generations of Retirement Savers:

Millennials

Ages under 35

Generation X

Ages 35 to 54

Baby Boomers

Ages 55 to 64

Elder (Retired)

Ages 65 to 74

Millennials

According to the most recent Survey of Consumer Finances, 42% of families headed by someone under age 35 have some type of retirement account, including IRAs and defined contribution plans such as 401(k)s.¹

Average household retirement savings

$32,0001

Median household retirement savings

$12,3001

Generation X

Generation X: Ages 35 to 44

More than half (57%) of households headed by someone of this age have retirement holdings.¹

Average household retirement savings

$100,1001

Median household retirement savings

$37,0001

The youngest of Generation X experience strong earning years alongside high spending years. For those who have the addition of children in their household, dollars may be stretched around paying for child care, saving for college and saving for retirement.¹

Generation X: Ages 45 to 54

This group is still part of Generation X, with the oldest members about a decade from what’s considered the standard retirement age. About 60% of households headed by someone this age have retirement holdings.¹

Average household retirement savings

$215,8001

Median household retirement savings

$82,6001

Baby Boomers

This age group is approaching retirement and just a few years away from Social Security's definition of full retirement age.¹

Average household retirement savings

$374,0001

Median household retirement savings

$120,0001

Elder (Retired)

The bulk of these households are headed by someone who is in retirement, or at least of retirement age. Therefore, the majority are spending their retirement savings rather than adding to it.¹

Average household retirement savings

$358,4001

Median household retirement savings

$126,0001

Most people aren’t saving enough for retirement. That’s why the average retirement savings for someone in your age group shouldn’t be used to evaluate how you are saving for retirement. With the ProNvest Retirement Planner, we determine how much money you will need for retirement based on your individual needs and unique financial situation. Find out how much you need to be saving for retirement today.

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www.pronvest.com

Citations. 

1  – http://time.com/money/5362642/average-retirement-savings-age/

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