How Does Your Retirement Savings Compare To Your Peers?

Social Security is only intended to be a portion of your retirement income. Ideally, you should have retirement savings to rely on as well. However, according to an article by Investopedia, most people do not. It cites the Federal Reserve’s Survey of Consumer Finances, which found that only half of households in their mid-60s to early 70s have money in retirement-specific accounts – and even less for people age 75 and older.

However, the article points out that people aged 65-74 have the largest retirement accounts, on average, with $200,000 in savings. Coming in a close second are 55–64-year-olds with $185,000 saved. That’s followed by $115,000 for 45-54-year-olds, $130,000 for 75-plus-year-olds, $45,000 for 35-44-year-olds, and $18,800 for 18-34-year-olds.

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.