Looking for retirement savings statistics? Are you sure? They are pretty sad!
This page shows retirement savings statistics, by age, from the Employee Benefit Research Institute (EBRI) in 2009:
Under age 35
Now – think about it – how much you have saved and what you need - depends on your lifestyle!
They say you can safely spend 4% of your retirement savings each year – and the retirement savings account should last long enough (a retired lifetime). But 4% of your savings account may not be enough of a monthly income for you.
Example: You need $50,000 a year in retirement. You'd need $1.25 million for that $50,000/yr income.. Yikes!
Now, depending on your Social Security payment – that number might be reduced.
Say you get $1000/mo from Social Security - $12,000 per year. Then you need another $38,000 per year.
If you are one of these retirees who just haven't saved enough, you might need to consider your retirement expenses instead.
Return to more Retirement Money Pages