We all have different values, needs and priorities. And in order to engage in successful retirement planning, we need to know what those are.
As you embark upon your retirement planning journey, we recommend you first ask yourself two questions: (1) What is the purpose of my money? And (2) On my current path, will I have enough money to do all the things that are important to me in retirement?
It's never too early to start planning for retirement and asking those two questions can put you in a position to do planning that can get you from where you are currently to where you want to go in retirement. Answering these two questions will help both you and your financial professional know what changes you might need to start making today.
If you have a retirement account, you're already ahead of 45.6% of families, according to the Federal Reserve's 2022 Survey of Consumer Finances.
That same survey found that the average retirement savings for all families was $333,940 and the median balance was $87,000. The average retirement savings takes the cumulative total of balances in retirement savings accounts and divides it by the total number of retirement accounts. And the median retirement savings is the amount right in the center of the line between the retirement account with the smallest amount and the account with the largest amount.
Of course, the average and median retirement savings vary within each age group.
NerdWallet reports the average and median account balances in the different age groups are:
Ages 35 to 44: Average household retirement savings, $141,520; median, $45,000.
Ages 45 to 54: Average household retirement savings, $313,220; median, $115,000.
Ages 55 to 64: Average household retirement savings, $537,560; median, $185,000.
Ages 65 to 74: Average household retirement savings, $609,230; median, $200,000.
Age 75 and older: Average household retirement savings, $462,410; median, $130,000.
Most people don't feel adequately prepared for retirement. According to CNBC, 53% of Americans surveyed feel like they're behind when it comes to retirement saving and planning.
You don't need to guess whether you're prepared or not, you can call us and we can make a plan together!
Sources:
https://www.federalreserve.gov/econres/scf/dataviz/scf/table/#series:Retirement_Accounts;demographic:all;population:all;units:have
https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more
https://www.cnbc.com/2024/04/03/many-americans-feel-behind-on-retirement-planning-cnbc-survey-finds.html
Zeiser Wealth Management, LLC provided this article. To learn more about ZWM visit www.zeiserwealth.com. Investment advisory services offered through Zeiser Wealth Management LLC, a state of Arkansas Registered Investment Advisor. This material was prepared by Carson Coaching. Carson Coaching is not affiliated with Zeiser Wealth Management.