Westend61/Getty Images
- The typical American's retirement account looks very different depending on their age, according to data gathered by Personal Capital.
- The wealth management company analyzed 337,000 linked retirement accounts and sorted users into 10-year age brackets to find the median balance of each age group's retirement accounts.
- The typical 20-something has about $34,000 in their retirement account, while the typical 60-something has $642,000.
- But, the typical 60-something still doesn't have all that much saved when considering that Americans are living longer. To live on $65,000 per year, it would actually take about $1 million more.
- Read more personal finance coverage.
Retirement savings need plenty of time to grow, and younger people appear to be taking this to heart.
New data from Personal Capital looks at the median retirement account balances of about 337,000 Personal Capital users ages 20 to 69. The data includes all types of retirement accounts, including IRAs and 401(k)s, but does not consider any other linked accounts — like checking or savings — and excludes spousal accounts.
See the rest of the story at Business Insider
See Also:
- I got 2 CDs right after college and I've earned a decent amount of interest, but I wish I'd opened a high-yield savings account instead
- How to save for retirement when you make 6 figures
- I'm a financial planner, and here's what I tell aspiring early retirees who pinch pennies now for financial 'freedom' later: Don't
from Business Insider https://ift.tt/2PVlrD8
No comments:
Post a Comment