How much do most 35 year olds have saved?

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By Nick

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The Federal Reserve Survey of Consumer Finances (SCF) has revealed the average retirement savings for different age groups. The average retirement savings for those aged 18-24 is $4,745.25, while those aged 60-64 have an average of $269,609.67 saved. The data highlights the importance of starting to save early to take advantage of compound interest and allow money to grow.

Federal Reserve SCF Data Reveals Average Retirement Savings by Age Range

When it comes to retirement savings, many people tend to procrastinate and put it off until later in life. However, the earlier you start saving, the better off you will be in the long run. According to data from the Federal Reserve Survey of Consumer Finances (SCF), the average retirement savings for various age ranges may surprise you.

Ages 18-24: $4,745.25

It’s not surprising that those in the 18-24 age range have the lowest average retirement savings. At this age, many people are just starting their careers and may not have a lot of disposable income to save for retirement. However, it’s important to start saving as early as possible to take advantage of compound interest and give your money time to grow.

Ages 25-29: $9,408.51

As people move into their late twenties, they tend to start earning more money and may have more disposable income to save. However, this age range still has a long way to go in terms of building up their retirement savings. It’s important to prioritize saving for retirement and make it a regular habit.

Ages 30-34: $21,731.92

In the 30-34 age range, the average retirement savings start to increase significantly. This may be due to increased earnings and a greater understanding of the importance of saving for retirement. However, it’s still important to continue saving and investing to ensure a comfortable retirement.

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Ages 35-39: $48,710.27

By the time people reach their mid-thirties, they should have a solid understanding of the importance of retirement savings. The average retirement savings for those in the 35-39 age range is significantly higher than the previous age ranges. However, it’s important to continue saving and investing to ensure a comfortable retirement.

Ages 40-44: $63,000.00

The average retirement savings for those in the 40-44 age range jumps significantly from the previous age range. This may be due to increased earnings and a greater focus on saving for retirement. However, it’s important to continue saving and investing to ensure a comfortable retirement.

Ages 45-49: $81,347.52

As people move into their late forties, the average retirement savings continue to increase. This may be due to increased earnings and a greater understanding of the importance of saving for retirement. However, it’s important to continue saving and investing to ensure a comfortable retirement.

Ages 50-54: $124,831.58

By the time people reach their fifties, they should have a solid understanding of the importance of retirement savings. The average retirement savings for those in the 50-54 age range is significantly higher than the previous age ranges. However, it’s important to continue saving and investing to ensure a comfortable retirement.

Ages 55-59: $187,626.40

As people move into their late fifties, the average retirement savings continue to increase significantly. This may be due to increased earnings and a greater focus on saving for retirement. However, it’s important to continue saving and investing to ensure a comfortable retirement.

Ages 60-64: $269,609.67

By the time people reach their sixties, they should have a solid understanding of the importance of retirement savings. The average retirement savings for those in the 60-64 age range is significantly higher than the previous age ranges. However, it’s important to continue saving and investing to ensure a comfortable retirement.

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In conclusion, the Federal Reserve SCF data reveals that retirement savings increase significantly with age. However, it’s important to start saving as early as possible to take advantage of compound interest and give your money time to grow. It’s never too late to start saving for retirement, and it’s never too early to start planning for your future.

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