Are you saving enough to be in the top 3% of retirees? Here's how much you need

Are you saving enough to be in the top 3% of retirees?  Here's how much you need

Are you saving enough to be in the top 3% of retirees? Here's how much you need

Retirement savings plays a crucial role in securing financial stability in your golden years. For those who aim high, being in the top 3% of retirees for savings increases comfort and offers more financial freedom.

Data from the Federal Reserve's Survey of Consumer Finances, a 2024 survey by the Employee Benefit Research Institute, shows that individuals with more than $1 million in retirement accounts are in the top 3% of retirees. Only 3.2% of retirees have surpassed the $1 million mark, and only 0.1% can boast more than $5 million.

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The average net worth of the average American household was approx $1.06 million in 2022, the Federal Reserve said. This figure includes assets such as non-pension investments and real estate, which can significantly support retirement funding, suggesting that many may be better prepared than average savings indicate.

Retirement savings varies enormously. Adults between the ages of 32 and 61 have an average of $129,000 saved for retirement, which rises to $310,793 when we consider a broader definition of retirement assets. Despite significant wealth at the top, the overall picture across age groups shows significant variation in savings. This reflects the diversity in financial preparation among Americans, with some nearing retirement having significant resources while others, especially young people, are just beginning to save.

Trending: the a shocking amount that the average American would now save if they opened an account in 2010 with today's high savings rates, you will run to open your own account.

By 2030, more than 73 million Americans are expected to be retired, representing approximately 22% of the U.S. population. The growing number of retirees underlines the need for robust retirement planning, especially as the baby boomer generation ages and the share of retirees in the population increases, posing significant challenges to social security and pension financing systems.

Given the recent increase in the cost of living, Americans now estimate they will need $1.46 million to retire comfortably, a 53% increase from the $951,000 reported in 2020 and 15% higher than the $1.27 million estimated last year, according to Northwestern Mutual.

Because retirement planning is a critical aspect of financial health, it is critical to understand where you stand against these benchmarks. If you're curious about how your retirement savings are stacking up or need strategies to increase your financial security, consultation with a financial advisor can provide personal guidance and planning. An advisor can help you navigate your unique financial landscape so you get the most out of your investments and approach retirement with confidence.

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This article Are you saving enough to be in the top 3% of retirees? Here's how much you need originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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