See how your finances and retirement savings compare to average Americans.
Are you curious to see how you compare to other Americans when it comes to your finances? Take into consideration your earnings, debt, savings, credit, and spending, and see how you measure up against the masses when it comes to the prospect of a good retirement.
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This amount includes retirement savings for working-age households. As Americans age, the amount tends to go up. Although three-fourths of non-retired adults had at least some retirement savings, about one-fourth did not have any.1
The average Social Security benefit is $1,694 per month.3
Social Security is designed to replace about 40 percent of your earnings, so it’s not intended to be your only source of income during retirement. Social Security is the most common source of retirement income, but 79 percent of retirees had one or more sources of private income.4
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Less than 4 in 10 think their retirement savings are on track.
While most non-retired adults have some type of retirement savings, they do not feel confident that they are prepared to retire. Young adults are less likely to have any savings or believe they are on track. Even with older Americans who are self-directing retirement savings, only one-fourth in their 40s and one-fifth in their 50s felt they were on track.2
The average age of retirement is 63.
There was a slight dip in retirement age thanks to the Covid-19 pandemic pressuring people to retire early. Retirees make up a large portion of our population. More than one-fourth of adults in 2019 considered themselves to be retired, even though some also reported that they were still working in some capacity.5 Not many Americans are optimistic they’ll be able to retire by the time they are 65.
30% retired due to health problems.
While 39 percent retired due to reaching retirement age, many Americans are forced to retire due to unexpected circumstances. In addition to health issues being a leading reason to retire, 15 percent also retired to care for a family member.6
The median household income is $70,784.
According to the U.S. Census Bureau, the nation’s median household decreased slightly from 2020 to 2021. Householders aged 45 to 54 ($97,089) had the highest median income in 2021, followed by householders aged 35 to 44 ($90,312), and then 55 to 64 ($75,842). Householders aged 65 and over ($47,620) had the lowest median incomes.7
Americans spend SIXTY TIMES more time on social media than on their finances.
On average, Americans spend 14.3 hours per week on social media and just 14 minutes on their finances. 8 9
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Here’s where we can help.
Our financial advisors can help you review all of your various retirement accounts and evaluate where you are at. Give us a call today to review your financial plan and make sure you stay ahead of the curve. CONTACT US
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[1] https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-retirement.htm
[2] https://www.federalreserve.gov/publications/files/2019-report-economic-well-being-us-households-202005.pdf
[3] https://www.bankrate.com/retirement/average-monthly-social-security-check/
[4] https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-retirement.htm
[5] https://www.federalreserve.gov/publications/files/2019-report-economic-well-being-us-households-202005.pdf
[6] https://www.federalreserve.gov/publications/files/2019-report-economic-well-being-us-households-202005.pdf
[7] https://www.census.gov/content/dam/Census/library/publications/2022/demo/p60-276.pdf
[8] https://www.statista.com/statistics/433871/daily-social-media-usage-worldwide/
[9] https://www.fool.com/the-ascent/research/average-american-time-personal-finance/