Find Out How Your Retirement Savings Compare to Others in Your Age Group

Do you have enough savings for your pension? It’s hard for many of us to say, but we can see how our savings compare to other people in our age group.

As Investopedia explains:

A June 2018 Transamerica Center for Pension Research Center report analyzed a representative sample of 6,372 workers aged 18 and over, disaggregated by generation. It was found that baby boomer families had an average retirement savings of $ 164,000 as of 2017, while Gen X had $ 72,000 and millennials had $ 37,000.

I am an “old millennial” (born 1981) and I currently have $ 90,960.73 in various retirement accounts, although $ 3,445.87 of that is in a health savings account that can technically be used to exit retirement unless I spend it on healthcare in the first place.

A Transamerica study suggests that my retirement savings may be higher than the average for my generation for two reasons: my annual income is in excess of $ 50,000 and I have an advanced degree. (The more education you have, the more money you’re likely to save for retirement – at least that’s what the study says.)

I would say my retirement savings are above average because both my undergraduate and graduate degrees were fully funded, because I have no children and I live in an area with a low cost of living, and because I have spent the last five years write about personal finance.

In other words: I had some financial advantages that the middle generation of millennials don’t.

But enough about me. And you? Is your retirement savings in line with the average? If they are more or less than other people of your generation save, what factors might have affected your ability to contribute?

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