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AVERAGE RETIREMENT SAVINGS 2022

Last updated: 2022

Fear and uncertainty about how we'll finance our retirement are not new. For
decades now, average American families have had to use savings strategies to
stockpile enough money to ensure that their basic needs are met. The ideal
scenario is to have enough money stashed away to guarantee a comfortable
lifestyle. However, amid recessions, rising inflation, fluctuating markets, a
global pandemic and countless other uncertainties, the need to tackle your
retirement planning early is essential.

In this article, we’ve curated a selection of key retirement statistics that
everyone should know in 2022.






KEY FINDINGS

 * The median retirement savings for individual accounts across all ages is
   $65,000.
 * The median retirement savings for households of all ages is $93,000.
 * Women have almost 50% less in retirement savings than their male
   counterparts.
 * While 60% of white households have individual retirement accounts, only 45%
   of Black families and 34% of Hispanic families have these accounts.
 * Hawaii has the highest average retirement income necessary to live
   comfortably, at $1.84 million.
 * The average savings in 401(k) plans across America totals approximately
   $109,600.
 * The total savings needed for retirement in the U.S. vary from over $600,000
   to almost $2 million.


GENERAL RETIREMENT SAVINGS STATISTICS

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Average Retirement Savings

In 2019, Americans had a median of $65,000 in retirement savings, a 2% increase
from 2016.

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Household Retirement Savings

The median household retirement savings across workers of all demographics is an
estimated $93,000.

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U.S Household Average Income


THE AVERAGE AMOUNT OF INCOME FOR A U.S. HOUSEHOLD WAS $255,200 IN 2019, A 5%
INCREASE FROM THE REPORTED 2016 DATA.

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Households with Saving Plans

37.3% of U.S. households had an IRA (Individual Retirement Account) as of
mid-2020.

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Average Household Debt

The average American household owes a whopping $155,622 in debt, including
mortgages and credit card debt.

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National Retirement Deficit

The retirement deficit in the United States was estimated to be at $3.68
trillion at the start of 2020.


AVERAGE & MEDIAN RETIREMENT SAVINGS BY AGE

Americans in different age groups have set aside total retirement savings that
correspond to their lifestyles, though naturally, the numbers differ based on
age and work experience.




HOUSEHOLD AVERAGE & MEDIAN
RETIREMENT SAVINGS

The retirement savings situation differs by household, usually because more than
one person -- and sometimes employers -- contribute to the accounts. Other
factors such as education also play a part in these numbers.




RETIREMENT SAVINGS DEMOGRAPHICS

It comes as no surprise that there's a big difference in savings between
demographic groups in the U.S. Age, experience, education and more are essential
factors when it comes to retirement savings.

Between different races, genders and regions, retirement savings totals vary
significantly.

Savings by Gender

The gender pay gap is one of the main factors that contribute to the disparity
between the retirement savings of men and women. Even seemingly insignificant
differences between income and job titles make a big difference when added up
throughout a career spanning 40 or more years.

Average retirement savings for women currently stand at $57,000, which is
significantly less than those of men, which average $118,000.


A Flourish chart

Savings by Race

Race is another big factor that contributes to savings disparities and the
disproportionate allocation of wealth, so it’s not surprising that it also
impacts retirement savings. Even different economic crises have had different
effects on people from different racial and ethnic backgrounds.

Though past recessions have affected the entire American population, the effects
were felt primarily among people of color. The number of Hispanic families who
had a retirement savings account went from 38% in 2007 down to 35% in 2016; for
Black families, it went from 47% to 41%.


TOP 10 STATES WITH THE MOST SAVINGS NEEDED
FOR A COMFORTABLE RETIREMENT

Certain states have higher costs of living than others, and due to this, the
income you earn can vary significantly based on where you live. This will also
change the amount of money required for a comfortable retirement. All things
considered, on average, Americans believe that they will need to save around
$1.9 million in order to retire comfortably.




DISTRIBUTION OF 401(K) SAVINGS ACROSS GENERATIONS

A 401(k) is an employer-sponsored plan that helps Americans save for retirement
while sheltering your savings from taxes. In 2022, the maximum annual
contribution to a 401(k) can be up to $20,500, which is an increase of $1,000
from 2021.


68% HAVE ACCESS TO 401(K) PLANS

While these plans are offered by most employers, only 41% of employees
contribute to them.


THE AVERAGE 401(K) TOTALS $109,600

By the end of 2020, there was a 4% increase in 401(k) account balances from the
previous year.


74% OF ADULTS HAVE RETIREMENT SAVINGS

Only about 74% of Americans currently in the workforce have used different
designated plans to save for retirement.




HOW MUCH SHOULD YOU BE SAVING?

How much money will you need for a comfortable retirement? That's a difficult
question that requires a different answer for each individual or household. The
correct sum is based on many different factors and variables, so it’s impossible
to pinpoint the amount and give a uniform answer. That said, there are ways to
plan and calculate the approximate percentages needed to assure a comfortable
future.

Ideal Savings at Every Age

To continue maintaining your current lifestyle after retirement, the average
American will need a retirement income that's equivalent to about 70% to 90% of
their annual salary at the time of retirement. Social Security can factor into
this total.

Usually, it's ideal to save between 10% to 15% of your annual salary. That
amount can include any percentage that will be contributed by your employer. The
chart at right offers a savings guideline for where you should try to be during
every decade you spend working.




WHERE SHOULD YOU START?

Even though the amount needed for a comfortable retirement will be different for
everybody, here are some key strategies to follow:



Sources

 * U.S. Census Bureau 
 * EPI
 * CNBC
 * WorldPopulationReview 
 * Annuity




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