Looking for retirement savings statistics?
Are you sure?
They are pretty sad!
This page shows retirement savings statistics, from Employee Benefit Research Institute (EBRI) in 2016:
Less than $1,000
$1,000 to 9,999
$10,000 to 24,999
$25,000 to 49,999
$50,000 to 99,999
$100,000 to 249,999
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 have $50,000 in retirement savings. You'd withdraw only $2,000/yr income.. Yikes!
Now, you also get a Social Security payment, but do you have enough to live on?
If you are one of these retirees who just haven't saved enough, you might need to consider your retirement expenses instead.