How does your retirement savings compare against your demographic age group peers in the United States? If you've been wanting to answer that question, Niccolo Conte and Dorothy Neufeld of Visual Capitalist created a useful chart you can use to quickly find out how you compare with members of your age group who are saving for retirement.
The chart provides two key data points for several standard age brackets: the median and average retirement savings for Americans whose age falls within each. The savings data itself was compiled by the Federal Reserve in its 2022 Survey of Consumer Finances, which is the most recent year this data is available.
Of the two data points, the median retirement savings will provide the best indication of how you compare with your age group peers. Half of Americans within the indicated age groups will have more retirement savings than this amount, while the other half will have retirement savings below this number. Here's the chart:
The numbers in the chart represent only money that Americans have saved in dedicated retirement accounts and does not include any money saved or wealth accumulated in other kinds of savings and investment accounts. The most common types of these include the Individual Retirement Account (IRA), employer-sponsored 401(k) retirement savings plans, and nonprofit employer-sponsored 403(b) retirement savings plans.
The savings in these retirement savings accounts help fund Americans' life after work, which is also supported by benefits like Social Security. And of course, whatever other kinds of financial accounts or wealth Americans have accumulated when they reach retirement age.
Labels: data visualization, personal finance
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