Average Retirement Savings by AGE, GENDER, & INCOME || Increase Your Retirement Savings

In this Livestream, we are going to look at the average retirement savings by age, gender, and income.

This retirement savings data comes from the newly released retirement survey from Vanguard for 2022.

We are also going to discuss ways you can save more for retirement and steps you can take today to increase your retirement savings.

Full Retirement & 401k Article Here:

This video is showcasing average 401k balances and median 401k balances in retirement accounts with Vanguard retirement services.

All of this information comes from Vanguard 401k retirement survey that was conducted in 2021. This is both the average and the median of these 401k retirement accounts. Keep in mind the average 401k retirement account size will be skewed because of the large 401k retirement accounts at the top and the small 401k retirement investing accounts at the bottom.

The median 401k balance is what we are going to focus on in this retirement video. Median 401k retirement investing account values gives us the figure that is right in the middle and is a better indicator for 401k retirement savings.

What this 401k retirement survey showed which was surprising is that 3 in 10 401k participants have 401k balances below $10,000. It also showed that 3 in 10 401k participants had 401k balances above $100,000.

The average 401k retirement contribution in this study was 7.3%. If you are trying to save for retirement, the actual percentage that you need to save to retire comfortably is 10 to 15% of your gross annual income.

Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30″, “retirement planning at 40″, “retirement planning at 50″, or even “retirement planning at 60″ understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.

Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.

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❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌

Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com

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Retirement is one of the most important stages of life. It is a time when you want to stop working and enjoy the fruits of your labor. However, it is also the stage where you need to have enough money to sustain your lifestyle without any income from work. This is where the importance of retirement savings comes into the picture. In this article, we will discuss the average retirement savings by age, gender, and income and give you tips on how to increase your retirement savings.

Average Retirement Savings by Age

According to a survey conducted by Transamerica Center for Retirement Studies, the average retirement savings by age are as follows:

Age 20-29: $16,000

Age 30-39: $45,000

Age 40-49: $63,000

Age 50-59: $117,000

Age 60-69: $172,000

Age 70 and above: $129,000

As you can see, the savings increase with age as people have more time to save and invest in their retirement accounts. However, the savings are still not enough for most people to sustain their lifestyle during retirement.

Average Retirement Savings by Gender

The retirement savings also vary significantly by gender. According to a survey by Vanguard, the average retirement savings by gender are as follows:

For men: $121,000

For women: $78,000

This is a significant disparity between the two genders, and it is even more pronounced for women of color. Women are often paid less than men, which means they have less money to save for their retirement. Moreover, women generally take time off from work to take care of children or family members, which further reduces their retirement savings.

Average Retirement Savings by Income

The retirement savings vary widely by income levels as well. According to a survey by Employee Benefit Research Institute, the average retirement savings by income are as follows:

For those with less than $30,000 in income: $5,000

For those with $30,000-$50,000 in income: $49,000

For those with $50,000-$100,000 in income: $141,000

For those with more than $100,000 in income: $456,000

As expected, those with higher incomes have more money to save for their retirement. However, even those with higher incomes are not saving enough to sustain their lifestyle during retirement.

How to Increase Your Retirement Savings

The above numbers are alarming, but it’s never too late to start saving for your retirement. Here are some tips to increase your retirement savings:

1. Start saving early: The earlier you start saving for your retirement, the better. The power of compounding can help your savings grow significantly over time. The longer you wait, the more difficult it will be to catch up.

2. Contribute more: If you have a retirement plan at work, try to contribute the maximum amount possible. If you don’t have a retirement plan, consider opening an IRA or Roth IRA and start contributing to it. Try to increase your contributions every year.

3. Invest wisely: Invest your retirement savings in a diversified portfolio of stocks and bonds. Avoid investing in risky investments, and don’t put all your eggs in one basket.

4. Cut expenses: Look for ways to cut your expenses and redirect that money towards your retirement savings. Try to reduce your debt to free up more money for retirement savings.

5. Seek professional help: Consult a financial advisor to help you plan for your retirement. They can help you create a retirement plan, invest your money, and monitor your progress.

Conclusion

Retirement savings are essential for a comfortable retirement. The average retirement savings by age, gender, and income are low, but it’s never too late to start saving. Start saving early, contribute more, invest wisely, cut expenses, and seek professional help to increase your retirement savings. With the right plan and effort, you can achieve your retirement goals and enjoy a comfortable retirement.