Sunday, May 29, 2022
No Result
View All Result
Money Secrets Center
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
Money Secrets Center
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
No Result
View All Result
Plugin Install : Cart Icon need WooCommerce plugin to be installed.
Money Secrets Center
No Result
View All Result

Average Retirement Savings By Age: Are You Normal?

Money Secrets Center by Money Secrets Center
October 22, 2021
in Latest News
0 0
0
Home Latest News

Photo by Towfiqu barbhuiya on Unsplash

Many Americans worry they’re not saving enough for retirement, and rightfully so.

A recent Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns. Still, research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.

A recent Vanguard study found that, on average, a $500,000 investment would grow to over $3.4 million under the care of an advisor over 25 years.In contrast, the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over 25 years, compared to 5% from a self-managed portfolio.

Shocking Savings Statistics

Around half of American households have no retirement accounts at all, according to the Government Accountability Office.

The National Institute on Retirement Security reports that almost 40 million households have no retirement savings, while the Employee Benefit Research Institute estimates Americans have a retirement savings deficit of $4.3 trillion.

But it’s not all doom and gloom, and many Americans are saving for retirement.

In August 2021, Fidelity reported that the average 401(k) balances were over $129,300 and average IRA balances over $134,900 and those who’ve been saving for over 10 years averaged over $400,000.

Additionally, the number of 401(k) millionaires reached a record high of over 365,000 in the first quarter of 2021.

General Guidelines for Retirement Savings

Some say that you should have saved the equivalent of one year’s salary by the time you hit 30, but saving more certainly won’t hurt. By the time you retire, it can be a good idea to have between 9 and 11 times your salary in retirement savings.

Conventional wisdom has been that saving between 10% to 15% of your salary each year will get you on your way to a comfortable retirement so long as you choose a low-fee investment vehicle that consistently earns inflation-beating returns. Talking to an expert can help you set and execute a retirement plan.

Average American Retirement Savings by Age

According to Fidelity, the following is what the average American has saved for retirement:

20 to 29: $15,000

30 to 39: $50,800

40 to 49: $120,800

50 to 59: $203,600

60 to 69: $229,100

The Best Way to Boost Your Retirement Savings

Regardless of where your retirement savings stand right now, one of the best ways to increase your contributions is by working with a financial advisor.

As previously mentioned, research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.

Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one.

Our no-cost tool makes it easy to find a reliable, reputable advisor so you can make an informed decision and choose the right one for you. Now you can get matched with up to three local fiduciary investment advisors that have been vetted and subject to our due diligence criteria. The entire matching process takes just a few minutes.

See more from Benzinga

Click here for options trades from Benzinga

TSLA Vs MSFT: Which Should You Buy?

Should Traders Be Watching Inflation Data This Week? Definitely!

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

ShareTweetShare
Money Secrets Center

Money Secrets Center

Next Post

Trump-tied SPAC soars +350%, retail traders pile on

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Enter Your Information Below To Receive Latest News And Articles

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

  • Trending
  • Comments
  • Latest

China may be moving toward easy monetary policy, but it will have to tread delicately

October 22, 2021

Plug Power Leads Five Alt-Energy Plays Near Buy Points

October 31, 2021

FTC sues to block Nvidia’s $40 billion acquisition of Arm

December 2, 2021

The Essential Watchlist for Best Stocks Under $2

October 22, 2021

The Best Stocks Under $50 You Can Explore Right Now

0

The Essential Watchlist for Best Stocks Under $2

0

China Evergrande set to avert default as it reportedly pays off bond interest

0

‘The UK really is in trouble’: Doctors warn of a dire Covid crisis as officials reject restrictions

0

Why One CIO Is Waiting for ‘a Solid Panic’ in the Stock Market

May 29, 2022

Novavax: All Eyes on Upcoming FDA Advisory Meeting

May 29, 2022

You could be a landlord for Amazon, FedEx and Walmart with these simple REITs that net up to a 4.4% yield

May 29, 2022

Barbara Corcoran on Elon Musk: ‘I’d like to zip him in a Ziploc bag’

May 28, 2022
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
All rights reserved by www.moneysecretscenter.com
No Result
View All Result
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting

All rights reserved by www.moneysecretscenter.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In