[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/what-has-the-average-american-saved-for-retirement-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/what-has-the-average-american-saved-for-retirement-white-plains-ny-greenwich-ct\/","headline":"What has the Average American Saved for Retirement?","name":"What has the Average American Saved for Retirement?","description":"\u201cWhat is the size of the average retirement nest egg? It depends on what you mean by \u2018average.\u2019” It\u2019s the question we all wonder about, but not very many of us will come out and ask. A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in […]","datePublished":"2019-11-05","dateModified":"2023-07-29","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4991898.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4991898.jpg","height":600,"width":395},"url":"https:\/\/www.amorusolaw.com\/blog\/what-has-the-average-american-saved-for-retirement-white-plains-ny-greenwich-ct\/","about":["401(k)","Estate Planning","Health Care Proxy","IRA","Power of Attorney \/ POA","Retirement","Tax Planning","Undue Influence","Uniform Fiduciary Access to Digital Assets Act","Will"],"wordCount":474,"keywords":["401(k)","Estate Planning","Health Care Proxy","IRA","Power of Attorney","Retirement","Tax Planning","Will"],"articleBody":"\u201cWhat is the size of the average retirement nest egg? It depends on what you mean by \u2018average.\u2019”It\u2019s the question we all wonder about, but not very many of us will come out and ask. A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in corporate sponsored 401(k) plans at the end of 2018 was $95,600. When it came to traditional, Roth and rollover IRAs, the number was $98,400, reports Investopedia in a recent article titled “What Is the Size of the Average Retirement Nest Egg?“. A look at 403(b) and other defined contribution retirement plans in the non-profit sector found that it was $78,700. These numbers were down between 7.8%-8% from the same quarter of the prior year. Blame the stock market for that.Averages like this only indicate a few things. Younger workers, for example, tend to have less in their retirement accounts than older workers. Their salaries are smaller, and they haven\u2019t had decades to accumulate tax deferred income in their accounts. However, that gap is wide.A June 2018 report from the Transamerica Center for Retirement Studies looked at a nationally representative sample of more than 6,000 workers and broke out retirement savings by generation. The boomer members had estimated median retirement savings of $164,000 in 2017, while Gen Xers had $72,000 and millennials had $37,000.Aside from age, the big factors in retirement savings success seem to be education and income. People with higher income put more money into their retirement accounts. The Transamerica study shows that households with incomes of under $50,000 had estimated median retirement savings of $11,000. Households with incomes between $50,000 and $99,999 had median savings of $61,000 and those with incomes of $100,000 or more had $215,000.The higher the level of education, the more money people have set aside for retirement.Therefore, if you\u2019re wondering how your nest egg compares to the average nest egg, the first thing you\u2019ll want to do is decide to whom you want to compare yourself and your nest egg. You can compare yourself to the U.S. population in general, or to people who are more like you in education, age and income.Here\u2019s an unnerving thought: no matter if your nest egg is way above your peer group, that doesn\u2019t mean it will be enough when retirement rolls around. Everyone\u2019s situation is different, and life hands us unexpected surprises.One way to prepare is to have an estate plan. If you don\u2019t already have an estate plan that includes a will, power of attorney, health care proxy, possibly trusts and other strategic tools for tax planning and wealth transfer, make an appointment with an estate planning attorney.Reference: Investopedia (Sep. 24, 2019) “What Is the Size of the Average Retirement Nest Egg?”For more information on elder law, retirement planning and estate planning, please visit my estate planning website"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What has the Average American Saved for Retirement?","item":"https:\/\/www.amorusolaw.com\/blog\/what-has-the-average-american-saved-for-retirement-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]