A comparison of retirement savings vs peers
This is similar to one I posted last year. It's from money Magazine's Aug. 2007 issue page 113.
Age group/ Income/ Retirement Savings Under 35 Top Earners $246,236 $131,791 Upper income $103,658 $40,855 Upper Middle $67,750 $22,627 35-44 Top Earners $263,475 $182,884 Upper Income $107,509 $83,242 Upper Middle $68,760 $44,685 45-54 Top Earners $293,577 $291,566 Upper Income $106,652 $163,177 Upper Middle $70,157 $90,937 55-64 Top Earners $345,149 $481,925 Upper Income $108,412 $272,155 Upper Middle $70,990 $112,792 65-74 Top Earners $339,356 $716,891 Upper Income $103,925 $281,710 Upper Middle $67,894 $143,920 Notes: All figures are averages. Savings include retirement plans and the value of pensions and are among people who have saved. "Top earners" refers to households that place at the 90th percentile and higher for income. "upper income" refers to households that place at the 80th to 89.9th percentile for income. "Upper Middle" refers to households that place at the 60th to 79.9th percentile for income. Source: Federal REserve Survey of Consumer Finances, 2004 |
Wow, I consider myself someone who started too slow and is trying to catch up, but for the group that matches up closest to me, I have about 50% more in savings than the average.
It doesn't make me feel any better for my own situation, but worse for everyone else. |
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Do any of you financial gurus find it odd that the only one of these averages that is above a half million is in the Top Earners category for 65-74 year olds? I realize that these are averages, but I would think that most top earners (who are savers) have over 1 million by that age. What gives?
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