Monday, August 26, 2013

Americans' Tiny Retirement Savings

What do you think is the average amount of money an American has saved for retirement? It's probably lower than you think. According to the National Institute on Retirement Security, the median retirement savings balance for working households is just $3,000.

Now, that's skewed, because it includes younger families that are just starting out. But for households in the age range between 55 and 64, that figure is still just $12,000.

The biggest difference comes for people who have set up a retirement savings account, an IRA or a 401(k). For those households, the median retirement savings is $100,000. That's not nearly enough, but it's a step in the right direction.

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