Many dream about having a relaxing life as they retire. On the other hand, not all people are aware how much money they would have by that time. Of course, no one can predict the future, but it’s good to have an estimate so you can make great plans in life. If you don’t have an idea how much you might have when you retire, here are some approximations gathered by experts.
Average Retirement Savings by Age: 20’s, 30, 40’s and 50’s
People in their 20’s normally don’t have any savings. It’s the time when many start their careers and invest on different things. Others explore their opportunities and acquire more skills at this stage, so it’s typical not to have savings at all. It is not advisable for people so retire at this age because benefits and other things in life may not be established yet. Moving forward, people in their 30’s are normally more concerned about the future as they may either be focused on their careers or families. According to surveys, people in their 30’s have an approximate retirement savings of $5,000. Lastly, those who are in their 40’s and 50’s are those who appear to have more savings. Research shows that most people within this age bracket have retirement savings of $25,000 and $499,999, particularly if they have focused heavily on saving during their younger years.
These are only assessments based on surveys that experts have collected from people of different age groups. Of course, the percentage of your funds will depend on how keen you are to save during your working years. You can make your money grow bigger by investing into various business platforms and creating a good budget plan. Your money may seem like a small amount during your initial years of saving, but through the years, you’ll reap the benefits and enjoy what you have worked for.