How Much Have Americans Saved for Retirement?

Last update on: Jun 05 2020

This article discusses a recent analysis that shows how much people in various income groups have in savings. The results aren’t too surprising, though I would have guessed that the median savings of the top 1% was much higher.

The average savings in retirement, money market deposit, checking and savings and certificate of deposit accounts are skewed by higher earners with more money. The top 1% of households have an average of $2.5 million in accounts, while the bottom 20% of households have an average of $8,870 saved. To put that in context: The average household has $277,670 in retirement accounts and $4,830 in savings accounts, while the median household only has $72,840 in retirement accounts and $32,130 in savings accounts.

 

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