How Does Your Nest Egg Stack Up? Here’s What It Takes To Be In The Top 10% Of Retirement Savers

By
Admin
-
0
4
How Does Your Nest Egg Stack Up? Here’s What It Takes To Be In The Top 10% Of Retirement Savers


How Does Your Nest Egg Stack Up? Here's What It Takes To Be In The Top 10% Of Retirement Savers
How Does Your Nest Egg Stack Up? Here’s What It Takes To Be In The Top 10% Of Retirement Savers

Let’s talk about your nest egg. No, not in a “Why haven’t you saved more?” way – this isn’t a guilt trip. Instead, think of this as a friendly check-in. Whether your savings are soaring or just getting off the ground, it’s natural to wonder: How do I measure up? And for those of you eyeing the top 10% of retirement savers, these numbers will show you exactly what it takes.

Spoiler: It’s not all doom and gloom; there’s always time to make moves. Let’s break it down.

Don’t Miss:

The Averages: Are You Ahead or Behind?

First, let’s look at what the average American has saved for retirement by age group. According to the 2022 Survey of Consumer Finances, here’s where things stand:

Under 35:

• Average savings: $49,130

• Median savings: $18,880

Ages 35-44:

• Average savings: $141,520

• Median savings: $45,000

Ages 45-54:

• Average savings: $313,220

• Median savings: $115,000

Ages 55-64:

• Average savings: $537,560

• Median savings: $185,000

Ages 65-74:

• Average savings: $609,230

• Median savings: $200,000

75 and older:

• Average savings: $462,410

• Median savings: $130,000

If you’re beating these averages, that’s worth celebrating! But maybe you’re eyeing the next level – joining the top 10%. What does that look like?

See Also: This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here’s Why Early Investors Are Flocking To Invest Before Funding Closes

The Top 10%: Where the Big Savers Are

The top 10% of retirement savers are in a league of their own. Here’s what it takes to join their ranks:

Median savings: Around $900,000.

Average savings: Roughly $1.3 million.

It’s important to mention the average is higher because a few ultra-wealthy savers skew the numbers, while the median shows what most people have.

By age 50, the top 10% of savers often have over $500,000 tucked away.

By 55, they’re typically closing in on $750,000 or more.

And the crème de la crème? The top 1% boast savings of $2.3 million. But, when considering a broader definition of retirement assets, the number soars to $5 million, according to data from DQYDJ, using stats from the Federal Reserve.

What Should You Aim For?

Even if the top 10% feels far off, financial experts offer benchmarks to keep you on track for a comfortable retirement:



Source link