Average Savings by Age: A Closer Look at Retirement Readiness
Recent surveys reveal significant disparities in retirement savings across different age groups, highlighting the challenges many face in achieving financial security.
- The average 70-year-old has over $426,000 in retirement savings, with additional assets in CDs, savings bonds, and cash value life insurance.
- For 60-year-olds, 401(k) balances range widely from $70,000 to $555,621, suggesting a significant variance in retirement preparedness.
- Americans in their 30s have a median 401(k) balance of $20,400, well below the recommended savings to retire comfortably.
- Financial experts recommend saving 8 to 10 times your salary by retirement, a target many Americans are currently falling short of.
- Rising living costs and debt repayment are major barriers to achieving retirement savings goals for all age groups.
CNBC 
