How many “low-income” households have retirement savings?
Fewer than 1 in 10 of low-income households have retirement savings. Just 8% of families in the lowest fifth of the income spectrum have any retirement account savings at all,…
What is the median retirement savings of the average 60 year old?
The median retirement savings for 56-61 year olds is $17,000. Here’s a really scary statistic. As mentioned earlier, that the average retirement savings balance for this age group is $163,577.…
What does Social Security pay the average retired worker?
The average Social Security benefit is $1,409.91 for a retired worker. As of March 2018, the average retired worker gets a Social Security benefit of $1,409.91. This translates to an…
Have you taken a loan from your 401(k)?
Average person with an outstanding 401(k) loan owes $9,700. On the surface, a 401(k) loan may sound like a good way to borrow money. After all, you’re paying yourself back…
What is the average contribution to a 401(k)?
The average 401(k) participant contributes 6.2% of income. According to the Vanguard “How America Saves” report, the average deferral rate was 6.2% in 2016, not including employer matching contributions. This…
Are part-time workers saving for retirement?
33% of part-time workers have recently reduced their retirement contributions. This is nearly twice the percentage of part-timers who increased their retirement savings rate. One big reason is the lack…
How many workers will it take to support your Social Security benefits?
By 2035, there will be just 2.2 workers contributing to Social Security per beneficiary. If there was one statistic that sums up Social Security’s financial problems, this would be it.…
What year will Social Security run out of money?
Social Security will run out of money in 2034. According to the most recent Social Security trustees’ report, unless taxes are increased or benefits are reduced, the Social Security trust…
How many Americans take advantage of their 401(k) match?
20% of Americans don’t take advantage of their 401(k) match. Several different recent surveys have found that about 1 in 5 American workers who are eligible to participate in a…
What percentage of Americans contribute to an IRA?
Only 8% of eligible Americans contribute to an IRA. According to recently-released IRS data for the 2015 tax year, only 8% of taxpayers who were eligible to contribute to an…
