Average Retirement Savings by Age

For most young people, retirement is pretty much the last thing on their minds as they enter the workforce. Still, almost everyone knows that the sooner saving for retirement is begun, the better off they’ll eventually be.

Last year was a tough year financially for most average Americans. Between March 2020 and January 2021, around 1.6 million people took money out of their 401(k) plans under the CARES Act. However, despite the volume of withdrawals, around a third of 401(k) savers managed to increase their savings. So how much money does the average American now have in his/her retirement account? Fidelity provided CNBC with the average amount of money Americans have saved in retirement accounts as of the fourth quarter of 2020, as well as contribution by % of salary, broken out by age cohort.

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Womack Investment Advisers, Inc.

WOMACK INVESTMENT ADVISERS, INC.
Oklahoma / Main Office: 1366 E. 15th Street - Edmond, OK 73013
California Office: 4660 La Jolla Village Dr., Ste. 100 - San Diego, CA 92122
Phone (405) 340-1717 - Toll Free (877) 340-1717

Website: www.womackadvisers.com

Womack Investment Advisers, Inc. (WIA) is a registered investment adviser whose principal office is located in Oklahoma. Womack Investment Advisers, Inc. is also registered in the State of California, the State of Illinois, the State of Indiana, and the State of Texas. WIA only transacts business in states where it is properly registered, or excluded, or exempted from registration requirements.

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