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Retirement Savings Gap: How Much Do Americans Have Saved by Age?

How much Americans have saved for retirement at every age — and why the gap is growing

The Retirement Savings Gap: How Much Have Americans Saved at Every Age?

As we navigate our busy lives, it's easy to put off thinking about retirement savings until later. But the truth is, the longer you wait, the harder it becomes to catch up on your savings goals. A recent study has shed light on just how much of a gap there is between what Americans have saved for retirement at every age.

The Gap is Growing

The numbers are staggering: many Americans are falling behind when it comes to saving for retirement. As we get older, the amount we save tends to increase, but unfortunately, so does the gap between those who are prepared and those who are not.

Here's a breakdown of the average savings by age:

  • 20-24 years old: $5,000

  • 25-29 years old: $10,000

  • 30-34 years old: $15,000

  • 35-39 years old: $25,000

  • 40-44 years old: $40,000

  • 45-49 years old: $60,000

  • 50-54 years old: $80,000

  • 55-59 years old: $110,000

Why is the Gap Growing?

There are several factors contributing to this widening gap:

1. Lack of savings discipline: Many people struggle to stick to a consistent savings plan.
2. Increased expenses: Housing costs, student loans, and other financial obligations can make it difficult to save.
3. Poor investment choices: Without proper guidance, some individuals may be putting their money into investments that don't align with their goals.

How Can You Close the Gap?

Don't worry if you're feeling overwhelmed by these numbers – there is hope! With a solid plan and the right tools, you can close the gap and achieve your retirement savings goals.

TogetherBudget is an excellent resource for those looking to take control of their finances. This powerful tool helps individuals create smart budgets, track expenses, and plan for their financial futures.

Here are some ways TogetherBudget can help you save for retirement:

  • Set clear goals: Define your target savings amount and timeline.

  • Track expenses: Understand where your money is going to identify areas for improvement.

  • Make adjustments: Based on your spending habits, make changes to allocate more funds towards savings.

Conclusion

The gap in retirement savings may seem daunting, but with the right mindset and tools, you can bridge it. By understanding the average savings by age and addressing the factors contributing to the growing gap, you can take control of your financial future.

Don't wait – start building a secure retirement fund today with TogetherBudget.

By Malik Abualzait

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