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What are the average retirement savings for different age groups?

A:

Quick Answer

As of 2015, the most current numbers from the National Institute on Retirement Security indicate Americans ages 55 to 64 with retirement accounts have an average $100,000 toward retirement. However, the average for this age group drops to $12,000 for all households.

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Full Answer

Americans between the ages of 45 to 54 average $10,001 of retirement savings per household, while those within this age group who have retirement plans average $60,000 in savings, reports the National Institute on Retirement Security. Americans in the 35 to 44 age group average $1,400 in retirement savings, while those with retirement accounts average $31,000. Americans with the least amount of savings are in the 25 to 34 age group. On the whole, this group does not have savings, averaging $0 across all households. However, for these Americans with retirement plans, the average is $13,000 in savings.

The National Institute on Retirement Security reports that Americans' retirement savings are in crisis, and they are continuing to worsen as of 2015. Almost 40 million American households do not have any retirement savings, and the median retirement savings across all age groups is $2,500. A 2014 report from the Federal Reserve gives similar results, indicating that 19 percent of Americans between 55 and 64 do not have any retirement savings at all.

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