What is the average savings for retirement

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Personal Business. What this means for you For a realistic assessment of your prospects, the amount of money saved must be compared to the amount of money future retirees in your demographic group will need. Do you have a retirement plan? Want to work with a financial professional? The bulk of these households include someone who is in retirement, or at least of retirement age. As a result, many are at the stage when they are probably spending, rather than accumulating, savings.

See: My grandson says my financial adviser is steering me wrong and double-charging me. What should I do? After this point, average and median retirement account values begin to fall, as does the percentage of people who have retirement accounts.

How much you should have saved, and how much you should be saving, have nothing to do with where others your age stand. It has everything to do with your income, planned retirement spending, expected retirement age and life expectancy. If you want to find out how much you personally will need to retire, a retirement calculator can help. An IRA is a good place to start catching up. Based on that, arrive at a savings goal and develop a plan to get to the sum you need by the time you need it.

Start as early as possible. Retirement may seem a long way away, but when it comes to saving for it, the days dwindle down to a precious few, and any delay costs more in the long run.

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