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Average Retirement
Savings By Age
If you’ve been working for several
years of life, you are probably looking
towards leading a comfortable life once
you retire. This is what all working
people hope to have during their
retirement. This will not be possible
however if you do not start saving now.
While most people keep putting it off,
they only end up regretting it later as
the earlier you start saving, the more
money you will have for your retirement
period.
Since we tend to rely on statistics and
figures for different purposes, it is
always best to see where you stand with
regard to your savings. For this you
would need to check out the average
retirement savings by age.
The average retirement savings by age
per person may vary based on several
factors. Firstly their financial
positions; the more income the person
receives, the more he is likely to be
able to save (provided of course that
s/he doesn’t spend too much). The income
here does not only cover your monthly
salary but also income from investments
and other sources. It would also depend
on the position they hold and number of
jobs they work at. Secondly, it would
depend on the age at which they start
saving. As mentioned before, the later
you start saving, the less you are going
to end up having. Thirdly, when s/she
decides to retire would also play an
important part. This is why it is always
best to start saving early as you
wouldn’t know when you may have to stop
work such as due to medical reasons and
so on.
Although governments may have pension
plans in place, most people do not take
advantage of these opportunities. If you
are able to afford it, it is best that
you do not rely solely on these pension
plans but save up on your own as well.
It is best that you seek the advise of a
financial consultant on how you can
maximize your savings with the help of
both your pension and various other
investments to be in line with the
average retirement savings by age for
your age group.
After taking into account these
different factors, you should have a
look at the statistics in the US for the
average retirement savings by age. Based
on a report by the Employee Benefit
Research Institute in August 2009, the
average retirement savings by age was
$6,306 for those below 35 and the
highest average retirement savings by
age for those in the age group of 55 to
64 being at $69,127 . Remember that
these average retirement savings by age
should only be used as a guideline and
may not be 100% accurate in nature.
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