Americans start managing their retirement finances early in life, thanks to many financial instruments and products for those who want save money for their late years. As the graph shows, retirement savings increase with age. The age group boasting the highest average value of retirement savings are individuals between 65 and 69, with over ******* thousand. As many people start retiring, retirement savings start decreasing for individuals over 70 years of age.

According to the results of a survey conducted in the United States 2021, turning a certain age was the main trigger for starting to save for retirement. The survey, conducted among 1,000 working and fully retired Americans, revealed that many respondents started saving for retirement for work-related reasons.

Roughly ** percent of Americans had household retirement savings reaching ******* U.S. dollars or more by the end of 2023. Meanwhile, eight percent of respondents stated to not have any household retirement savings at all. The share of people with retirement savings ranging from 100,000 to ******* U.S. dollars has decreased between 2020 and 2023.

In 2023, the main challenge facing Americans trying to save for retirement was being able to make meaningful investments. According to a survey carried out in October 2023, roughly 77 percent of individuals who did not have access to a retirement plan from their employer felt they did not have enough cash to contribute to their retirement savings, while 78 percent of women and non-binary individuals surveyed felt they were unsure about what investments best suited their individual goals.

The statistical business entity allocates the retirement savings contribution rate for laborers and the balance of special accounts.

The statistic shows the average retirement account balances of Americans between 50 and 64 as of November 2010, by pension plan. On average, Americans from the bottom 25th percentile (0 - 10,800 U.S. dollars) had 281 U.S. dollars in a KEOGH pension plan, a tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes. The same income group had, on average, 9,160 U.S. dollars in IRA (individual retirement account) pension plans. Additional info: Retirement saving It is never too early to start thinking about retirement. Plans and provisions for our twilight years often get put off as we deal with life’s more pressing demands, and with solid economic recovery still far from guaranteed, savings plans have been impacted. Despite this, those who wish to enjoy the golden years of their life should save early and save often. There are a number of saving strategies and a number of possibilities available for retirement saving, and this can seem quite daunting and difficult to figure out at first. The U.S. Department of Labor recommends determining net worth to be a good place to start i.e., the total value of assets minus the value of debts. Having ascertained this, and judging by your age, you can start planning how to get the most out of your retirement savings. You should contemplate where you want to be and how you’re going to get there. If you have age on your side, you can afford to be aggressive and put money into riskier funds. If your fund loses in value, you have time to let it grow. However, if you are getting close to retirement, more intensive and low-risk saving methods are recommended.

PRSA06 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

In 2024, 50 percent of U.S. citizens who were 60 years old or older had some type of retirement savings. This information can be interpreted by the number of people in that age group without any retirement savings, which amounted to 50 percent. The share of individuals with retirement savings was lower in the younger age groups, and among adults from 18 to 29 years old, just ** had retirement savings.

PRSA01 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

Preliminary estimates for Great Britain from the Wealth and Assets Survey using attitudinal data around individuals' attitudes towards saving for retirement, not dependent on thorough checking and imputation methodology.

PRSA02 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

PRSA03 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

Value of pension pots already accrued that are not state basic retirement or state earning-related: occupational pensions, personal pensions, retained rights in previous pensions and pensions in payment. Also attitudinal data on individuals’ attitudes towards saving for retirement.

When surveyed in early 2021, more than a year after the start of the COVID-19 pandemic, the French were more pessimistic than the rest of the countries in which the survey was conducted regarding the time it would take for their retirement savings balance to return to its pre-pandemic level. Just over half (55 percent) thought it would take them one year or less, compared to nearly three-quarters (73 percent) of people in the rest of the countries surveyed.

In 2022, 56 percent of Hispanic respondents in the United States reported that they had some retirements savings, making them the group with the lowest rate. In contrast, 80 percent of white people in the U.S. had any retirement savings, with a significant amount of them saying that their retirement savings were on track. Roughly 22 percent of black people said that their savings were on track.

Statistics on the number and amount of farmers retirement savings issued

PRSA04 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

National Labor Administration Information Integration Application System - Labor Retirement Regulations Article 50 Penalty Discipline Subsystem

The statistic shows the share of Americans aged between 50 and 64 with no retirement savings in 2010. The categories are divided into income quartiles ranging from 0 to 10,800 U.S. dollars in the bottom 25th percentile to more than 52,201 U.S. dollars in the 75-100th percentile. The percentage of Americans in the bottom 25th percentile was equal to 77 percent.

Saving for retirement

Without a shadow of a doubt, the recession has had an impact on retirement plans and how people save. It is clear to see just how alarming the situation is when one takes into account the sheer amount of Americans aged between 50 and 64 who have no retirement savings. And even for those who have saved and regularly paid into retirement savings the outlook is less than secure. Adding to the worry are the increasing claims being made by industry experts that the savings accrued by middle-class seniors will have nowhere near the required level of sufficiency to support current standards of living in to retirement.

It is important to start thinking and planning in order to be able to enjoy an early retirement. Those who start to save later for retirement, and forego early saving practices will realize that playing catch-up and saving much more intensively later in life is extremely punishing. Everyone wants different things in retirement and first of all it is important to decide what sort of retirement lifestyle is desirable for the individual. Knowing what the desired lifestyle is will help to determine how much money will need to be saved.