How do You Compare?

retirement savings

Curious about how you compare to others? The “How America Saves 2022” report referenced recently by CNBC might give you that information.  The report states the average retirement savings account balances by age: For those within the 55 to 64 age bracket, the average savings account balance is $256,200. For those age 65 and older, the average savings account balance is $280,000. Besides age, the article tells us that there are many other factors influencing retirement savings, such as income and how long an employee has worked for a company. Not surprisingly, older employees who have been working longer tend to have higher savings account balances than those just beginning their careers. If you are concerned that you may not have saved enough, call us to learn about options that will still provide you an income you can’t outlive. We’re always here to help.

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