How do you compare with your retirement savings?

How do you compare with your retirement savings?

pretty pebbles

TD Ameritrade just came out with their “Road to Retirement” report, and it’s always fun to compare and see how we’re doing against others πŸ˜‰

In this case, 2,000 others who are 40 and older with at least $25,000 or more in their accounts for some reason… Maybe since they’re still stuck on “traditional” retirement?

So if you’re millennial (or even better – a Gen Z’er!) and rank in any of these levels outside the first one, place your hand here as you’re already beating out a good portion of those in their 40s all the way up through their 70s – eek!

Here’s the breakdown from CNBC where I first caught this survey from:

How much Americans have saved for retirement at different ages

Age 40-49:

  • 41% have less than $50,000 saved
  • 18% have $50,000 to $99,000 saved
  • 27% have $100,000 to $500,000 saved
  • 7% have $500,000 to $999,000 saved <– Me
  • 7% have $1 million or more saved

Age 50-59:

  • 37% have less than $50,000 saved
  • 16% have $50,000 to $99,000 saved
  • 32% have $100,000 to $500,000 saved
  • 6% have $500,000 to $999,000 saved
  • 8% have $1 million or more saved

Age 60-69:

  • 28% have less than $50,000 saved
  • 10% have $50,000 to $99,000 saved
  • 36% have $100,000 to $500,000 saved
  • 14% have $500,000 to $999,000 saved
  • 12% have $1 million or more saved

Age 70-79:

  • 20% have less than $50,000 saved
  • 13% have $50,000 to $99,000 saved
  • 36% have $100,000 to $500,000 saved
  • 19% have $500,000 to $999,000 saved
  • 12% have $1 million or more saved

Find where you stand? How are you feeling about it?

Remember – these #’s are for *retirement funds* only, and not other assets or savings/investments people probably have (or hopefully have!). And of course, it doesn’t really matter where you land on this, just that you’re *happy* about it or at least working towards *improving* your situation if you’re not…

Sometimes it’s helpful to just have a frame of reference to wrap things around πŸ™‚

Here were some other nuggets from the survey I found interesting as well:

  • Most Americans hope to retire by age 67, and more than half have a plan to do so. Or 47 if you’re a regular reader of Budgets Are Sexy! πŸ˜‰
  • 1 in 10 of those in their 40s also say new political leaders influenced their retirement plan. Not here… Their antics affect things of course, but a majority of our well being is well within our control.
  • 81% are shifting their financial strategy to prepare for a longer lifespan. Probably smart as we’re all living longer!! A great problem to have! πŸ™‚
  • 401(k)s are the most popular retirement vehicle, especially for younger groups. I believe it – that *matching* is no joke!! You could even go on to become a 401(k) Millionaire! (*gasp*)
  • Nearly half of those in their 40s have already withdrawn from their retirement accounts. Now that’s sad 😦 I hope hard it’s just a technicality of TRANSFERRING their money into another retirement vehicle like an IRA which is popular to do when leaving employers, but cashing them out just breaks my achy budgety heart… They better be for true emergencies!
  • Meanwhile, only 1 in 3 over 50+ are taking advantage of catch-up contribution. That actually surprises me, but in a good way! 1/3 is a pretty decent chunk!
  • A majority of Americans would give themselves a C grade or lower on their retirement savings. At least no one’s kidding themselves 😦
  • 28% of those who are retired say they felt pressure to retire (e.g., from employer, family or social norms) Ughh!!! Let everyone live their lives!! Everyone knows there’s only one way to truly retire anyways – the FIRE way!! Everyone else is WRONG….

    … WRONG, I say!

Here’s the full report if you want to nerd out more: Road to Retirement Survey (PDF)

Happy retiring,

j. money signature


[Prefer to get these blog posts *weekly* instead of daily? Sign up to my new weekly digest here, and get other thoughts on life/business/money as well:]

from Finance

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a free website or blog at

Up ↑

%d bloggers like this: