The Federal Reserve's Survey of Consumer Finances provides insights into retirement savings across different age groups in the U.S. According to the latest survey from 2019:
65 to 74-year-olds have a median of $164,000 in their retirement accounts while those 75 and older have $83,000 saved for retirement
3/26/2024
- The average retirement savings for those aged 65 to 74 is $426,000.
- For those aged 75 and older, the average retirement savings is $357,000.
These figures indicate the average amount saved in retirement accounts, including 401(k) plans and Individual Retirement Accounts (IRAs), for individuals aged 65 and above. However, these averages fall short of the commonly cited $1 million goal for retirement savings.
When looking at median figures, which represent the middle number in a group of numbers, the picture changes. The median retirement savings for 65 to 74-year-olds is $164,000, while for those 75 and older, it is $83,000.
It's important to note that these figures are from 2019 and do not account for any recent retirement gains or losses due to market fluctuations or the impact of the COVID-19 pandemic. The next Survey of Consumer Finances, expected in 2023, may provide a more current perspective on retiree savings, taking into account recent economic conditions.
Gen Z plans to retire the soonest of all generations, at age 54, per Empower.
72% of Millennials and 67% of Gen Z say money can buy happiness, per Empower.
Empower's "Financial Happiness" study reveals that 59% of Americans, including 72% of Millennials and 67% of Generation Z, believe money can buy happiness, with the perceived price tag being $1.2 million. However, 17% associate financial contentment with reaching a specific net worth.
The study explores the concept of "Return on Happiness," with factors like timely bill payment (67%), freedom from debt (65%), affording daily luxuries without worry (54%), home ownership (45%), spending on experiences with loved ones (53%), and retirement on their terms (37%) contributing to happiness. Some Americans anticipate delaying retirement by an average of three years, while those without a financial plan expect a five-year delay.
The study emphasizes the importance of financial planning, with 63% of respondents recognizing good money advice as key to achieving financial happiness. Financial stress is attributed to inflation (81%), rising costs (81%), interest rates (66%), and student loans (32%). The study underscores that a well-defined financial plan contributes to greater happiness, with 73% emphasizing its importance.
Read more: https://unusualwhales.com/news/72-of-millennials-and-67-of-gen-z-say-money-can-buy-happiness
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