What does "Average Retirement Savings" mean? Average for whom?
Are you looking for the average retirement savings for someone with a monthly pension, an entrepreneur, or millionaire who depends on their investment earnings for all income in their retirement years?
Of course, if you are independently wealthy, I really doubt you are reading this!
Does it really matter what others have saved?
What you have saved for retirement, and what your financial planner beleives you can do with your savings IS what matters.
Are you a retiree who is lucky enough to have a Defined Benefit pension plan? Public employees and some private employers still have these lifetime pension plans that the last generation assumed everyone would have.
If you do have a pension, that means that you have a lifetime income -- and need savings to supplement your income. BUT with a pension and Social Security you have more monthly income than the average person does... right?
Do you have a Defined Contribution pension
plan? The majority of pension plans today are the 401K type plans. Most Defined Benefit plans have ended and Defined Contribution
plans have taken over -- so that the employers future liability is lessened.
The problem is that you may think you've got a lifetime pension there... And I hope that you do! However, where the Defined Benefit plans pay a lifetime benefit, the Defined Contribution is only good as long as you have funds left.
Are you a retiree, like many others, with no pension at all?
You live on Social Security alone. You will pay for supplemental health care to complete your Medicare coverage.
I hope you've saved adequate retirement savings... you will need every penny.