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$50,000 or less - Is that all?

March 31st, 2009 at 05:34 pm

In my last post I commented on our small retirement savings. After reading the comments I decided to do a bit more research.

I read the following statistics in different places on the web:
* The average 45-54 year old has less than $25,000 saved for retirement.
* 53% of people 45-54 have 50,000 or less saved (29% have less than $10,000 saved)
* Baby boomers between 41 and 54 have retirement savings of $30,000 (this must have been an older article - if the baby boom cuts off in 1965, the youngest of this group would be 43 now)

Wow. If all this is true we are in better shape. . . well, than average.

Does anyone know where to get accurate statistics? One website I read said that that particular organization had surveyed 1000 people. That doesn't seem like a very representative sample.

4 Responses to “$50,000 or less - Is that all?”

  1. monkeymama Says:

    The statistics are true. I don't think it means much except that most people are grossly underprepared. Pensions and healthcare are no longer part of the package. I know too many retirees with pensions and healthcare struggling with (low) six figures saved.

  2. disneysteve Says:

    1,000 people is a statistically accurate sampling. That is a standard number in market research and polling.

    Yes, folks are in deep trouble when it comes to retirement. I don't know what is going to happen in 10-20 years when all the boomers are retiring.

  3. whitestripe Says:

    i was just going through my paperwork and i have around $8k in my superannuation fund, and i am 21. my fund lost $700 last year Frown from my employer i have around $3-$4 k going in there each year.

  4. Broken Arrow Says:

    That sounds about right to me too....

    Hmm. Scary, considering how ridiculously small that amount is, and to be at that age too....

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