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From individual retirement accounts to employer-sponsored 401(k) and 403(b) plans, the average American household has seen retirement accounts grow by 5%.
Our 2021 retirement statistics guide aims to provide a well-rounded view of trends, from average retirement savings to how many Americans have retirement accounts to retirement planning. First, here are 17 essential retirement statistics.
The average American feels they need $1.9 million in savings for retirement, according to Charles Schwab. But, according to the Federal Reserve Survey of Consumer Finances, households have an average retirement account balance of $255,200.
The average 401(k) account balance is just under $500,000 for Americans ages 55 to 64, according to wealth management company Personal Capital.
Nearly 6 in 10 (58%) people ages 45 to 54 — portion of Gen Xers — have retirement accounts, versus just 45% of those younger than 35 — portion of millennials and Gen Zers.
Nearly 7 in 10 (67%) of Americans don’t have a written retirement plan, according to the American College of Financial Services.
A similar percentage — 68% — identified the amount of money they would need saved to retire comfortably. Separately, the majority of Americans (82%) have a plan on where their retirement income will come from each month.
COVID-19 spurred 3 in 10 Americans to withdraw funds early from their retirement accounts, according to a 2020 survey from MagnifyMoney, with an additional 19% potentially planning to withdraw in the future.
The percentage of Americans planning to work after they claim Social Security benefits has been increasing through 2020, according to retirement savings platform SimplyWise. The percentage was 65% in May, but rose to 74% by November.
Social Security running out and having enough savings to pay daily living expenses are the main concerns for Americans in their 50s, according to SimplyWise.
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