How to tell if you’re doing better with retirement savings than your average American. Not everyone makes retirement and saving a priority early on there life.

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Preparing for retirement can be a daunting task, especially when you consider that many Americans aren’t saving enough. Knowing whether you’re on track with your retirement savings can give you peace of mind and help you adjust your finances as necessary. Here are some tips to help you determine whether you’re doing better with retirement savings than the average American.

1. Calculate your retirement needs
The first step is to determine how much you will need to save to retire comfortably. Use a retirement calculator to estimate your expenses, including healthcare costs, and factor in inflation. According to a recent study by Fidelity Investments, the average person should aim to save at least eight times their salary by retirement age.

2. Track your progress
Once you have a goal in mind, track your progress regularly. Review your account statements and monitor your investments’ performance. Ideally, you should aim to save between 10% and 15% of your income each year. If you’re contributing that amount, you’re on the right track.

3. Consider your age
Your age plays a major role in determining whether you’re doing better than the average American with retirement savings. A recent survey by Bankrate found that 50% of Americans aged 18 to 29 haven’t started saving for retirement. On the other hand, the study reveals that only 26% of Americans aged 50 to 64 are on track with their retirement savings. If you’re under 30 and have already started saving, you’re ahead of the game.

4. Review your retirement accounts
If you have retirement accounts, such as a 401(k) or IRA, check to see if you’re contributing the maximum limit each year. According to the IRS, the contribution limit for 401(k) plans for 2021 is $19,500. For IRAs, the limit is $6,000 for people under 50 and $7,000 for those 50 and older. If you’re contributing the maximum amount, you’re in good shape.

5. Compare with national averages
To get a better sense of how you’re doing, it can help to compare your savings with national averages. According to a recent survey by Bank of America, the average American has only saved $150,000 for retirement. However, this number doesn’t take into account people’s age, income, or other factors that can affect retirement savings. A better benchmark might be the median retirement savings for people around your age group or income bracket.

In conclusion, ultimately, whether you’re on track with your retirement savings depends on your goals, age, income, and other individual factors. Use these tips as a starting point to assess your progress and make any changes necessary. Remember that it’s never too late to start saving, and the earlier you begin, the easier it will be to achieve your retirement goals.