How Much Money Will You Need for Retirement? With pensions and Social Security providing less financial security than in the past-coupled with an uncertain economic future-the pressure is on for working Americans to save as much as they can for retirement. According to Transamerica data, 40% of Americans expect to still work past age 65 while 14% expect to never retire.
The 2019 Survey of Consumer Finances by the Federal Reserve found that average Americans approaching retirement ( ages 55-59) have saved $223,493.56, with similar numbers for ages 60-64 at $221,451.67.īut some individuals have saved much more and others have no retirement savings at all. It can be hard to know if you're saving enough to ensure a comfortable retirement. How Much Have Americans Saved for Retirement by Age 55? If you’re thinking about retiring at 55, you’ll want to ensure you have enough saved live off comfortably. Retirement at any age takes planning, there are even average retirement savings range targets to aspire towards throughout your career. Thinking about early retirement? If so, it’s important to review your retirement account balances early and think through how you’ll maintain your lifestyle.
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