Q:

What is the average amount of money saved at retirement?

A:

Quick Answer

According to Vanguard, a financial investment company inside the United States, the average balance of its 401K plan retirement beneficiaries was $101,650 by the end of 2013. While this number is higher than previous years, financial experts agree it's still an insufficient amount for retirement.

Continue Reading

Full Answer

While the average 401K retirement account balance held by Vangaurd clients was $101,650 in 2013, the New York Times estimated that couples who were 65-years-old and retiring in the United States in 2013, and who have saved $1 million for retirement, will likely outlive their money if they spend $40,000 per year. The New York Times explains that both inflation and a poor financial market are to blame, and predicts the situation will likely get worse.

Learn more about Financial Planning

Related Questions

Explore