Retirement Savings by Age: How Do You Compare?

Retirement Savings by Age: How Do You Compare?

You asked us how much, according to a nationwide survey by LearnVest and Chase Blueprint conducted in 2012, people had saved in their retirement accounts by age, and we have figures showing that, too!

We asked survey respondents how much they had saved in traditional Individual Retirement Accounts (IRAs), Roth IRAs, 401(k)s and pensions. (Wondering which account might be right for you? Check out this flow chart.) As you would expect, the older people get, the more they have saved. All the figures below apply only to women. (Find out why saving for retirement can be more difficult for women.)

Ages 25-32

In this age group, savings was greatly clustered toward the lower ranges: 72% of all respondents 25-32 had $49,999 or less saved for retirement. The median amount saved in this age group was $12,000.

Retirement savings of $5,000 or less was the most popular answer, with 26% of women in this age group in this bucket. Other than that, this age group was pretty evenly spread out in terms of savings up to $50,000:

  • 15% had $5,000-$9,999 saved
  • another 15% had $10,000 to $24,999 saved
  • and 16% had $25,000-$49,999 saved

But still, sizable minorities had even more saved, with 7% having retirement savings in the $50,000 and $99,999 range, and 8% in the $100,000 and $249,999 range. The remaining 12% did not know how much they had saved or preferred not to say.

RELATED: How to Set Up a Retirement Account

Ages 33-44

This age group tended to have savings in the middle ranges, with 62% of respondents in this age group having savings of between $10,000 and $249,999. The media amount saved was $61,000.

  • The greatest plurality of respondents in this age group (17%) had $50,000 to $99,999 saved, and the second-highest retirement savings range was $10,000 to $24,999 saved, with 15% of this age group coming in there.
  • Respondents of this age range were unlikely to have low savings--just 6% had less than $5,000 saved, and only 7% had $5,000-$9,999 saved.
  • And a decent chunk--15%--had between a quarter million and half a million dollars saved, with 1% even having more than a million dollars saved.

However, 17% did not know how much they had or preferred not to say.

RELATED: Retirement, Savings or Debt? How to Prioritize Your Financial Goals

Ages 45-54

Among 45- to 54-year-olds, the greatest percentage (56%) had savings of between $25,000 and $499,999. The median amount saved in this age range was $101,000.

  • A full fifth of respondents in this age group had $100,000 to $249,999 dollars saved for retirement, making this the top answer for people of these ages.
  • But, unfortunately, a slightly smaller percentage had more than half a million saved than in the 33-44 age group: 6% in this age group have over half a million dollars while 8% in the lower age group have that much.
  • Also, 15% still have savings of $24,999 or less, which indicates they need to focus heavily on saving until they retire.

Almost a quarter (23%) said they did not know or preferred to not reveal how much they have in retirement.

RELATED: What We Can Learn From Would-Be Retirees

Want to dissect the results for yourself? Check out our chart.

amount-saved-by-age-group LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc. that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment advice. Please consult a financial adviser for advice specific to your financial situation. LearnVest Planning Services and any third-parties listed, discussed, identified or otherwise appearing herein are separate and unaffiliated and are not responsible for each other’s products, services or policies. The research by LearnVest and Chase Blueprint was collected online via a 27-minute interview between July 23 and August 3, 2012. The 1,103 interviews completed among a representative sample of U.S. adults ages 25-54 were recruited from a panel consisting of several million U.S. households.


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