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And in the same year, however, the median retirement balance among households was actually only $87,000. In many cases, that money gets nibbled away by income tax, too.
The average retirement savings for Baby Boomers is just over $200,000. Since the last Boomers won’t retire until 2031, there is still plenty of time to boost their retirement savings.
The Federal Reserve SCF defines retirement accounts as individual retirement accounts (IRAs), Keogh accounts, and employer-sponsored accounts like 401(k) plans, 403(b) plans, and thrift savings ...
American households reported an average retirement account balance of $333,940 and an average net worth of $1.06 million. Read on to see an age-based breakdown of those figures.
Age Group. Average 401(k) Account Balance. Baby boomers (ages 60 and up) $250,900. Gen X (ages 44 to 69) $191,900. Millennials (ages 28 to 43) $66,500. Gen Z (up to 27)
Remember, average retirement plan balances don't always tell the whole story. But if you're not happy with the amount of money you've saved to date, take steps to ramp up so you're able to ...
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