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Q: Retirement ( Answered,   1 Comment )
Subject: Retirement
Category: Business and Money > Economics
Asked by: taylorc-ga
List Price: $20.00
Posted: 21 Apr 2006 16:31 PDT
Expires: 21 May 2006 16:31 PDT
Question ID: 721534
3) What is the average amount of savings $$ at time of retirement
in the US? What about in other industrialized countries?
Subject: Re: Retirement
Answered By: czh-ga on 21 Apr 2006 22:39 PDT
Hello taylorc-ga,

It?s difficult to come up with consistent statistics on the US
retirement savings rate. I?ve found a variety of reports that answer
your question and I trust that you will be able to find an answer
that?s suitable for your needs.

All the best.

~ czh ~
Generation X, Pre Boomer and Boomer statistical info

In addition, average retirement savings also declined from nearly
$120,000 in 2001 to $93,000 in 2002.

Retirement Doomsday 

The nest eggs are cracked. Nearly 28 million U.S. households--37% of
the total--do not own a retirement savings account of any kind. Among
the households who owned a retirement savings account of any kind as
of 2001, according to a 2004 report by the Congressional Research
Service, the average value of all such accounts was $95,943. That
number was distorted by the relatively few large accounts, and the
median value of all accounts was just $27,000.

WGN-TV Show Notes ? April 8, 2004

Americans aren't doing a particularly good job saving for retirement.
In fact, a new survey released this week found that the typical family
has saved $25,000 or less for their golden years.

Low Savings Rate Is Real Retirement Crisis 

Only half of U.S. workers participate in employer-sponsored retirement
plans, and 80 percent of small business employees have no plan at all.
Nearly 40 percent of all households have no retirement savings
accounts of any kind beyond Social Security. Half of the households
headed by a worker aged 55 to 59 have $10,000 or less in a 401(k) or
in an IRA. Of that age group, 36 percent have no 401(k) or IRA

Comparing the Retirement Savings of the Baby Boomers and Other Cohorts

Pre-Retirees Shocked by Actual Cost of Retirement

President Promotes Retirement Security Agenda 

Americans are saving too little  --  often, dangerously too little.
The average 50-year-old in America has less than $40,000 in personal
financial wealth.  The average American retires with only enough
savings to provide 60 percent of his former annual income.  This
problem is especially acute for women and minorities.


average american OR us OR worldwide savings retire
Subject: Re: Retirement
From: myoarin-ga on 22 Apr 2006 03:11 PDT
Articles in Europe about the proportion of income saved in different
countries often point out the low rate in USA, but these usually are
based on raw figures that overlook the fact that Americans have a much
higher rate of home ownership, in effect, paying off mortgages instead
of building retirement accounts.
On the raw figures, this also makes Americans appear to have a
relatively greater proportion of debt than most Europeans (on
average), something else the articles like to decry.
But building equity in home ownership is also a form of saving; when
the mortgage is paid, housing costs are reduced, something to consider
when looking at retirees' cost of living.  And, of course, a debt free
house is a significant portion of personal wealth, and one that can be
used to secure borrowing, if necessary, or eventually be sold.

This is, of course, looking at the overall average situation, not at
that of the less fortunate sectors of the population in USA.

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