Even Americans with only modest retirement funds may be shocked to learn how many people are in desperate straits: as in, they have no nest egg at all.
New research by the Federal Reserve shows that an astounding one in four Americans (including the 27% who consider themselves retired) have absolutely nothing saved.
Here’s how your savings stack up — and what you can do if you’re falling behind.
How much does the average 60 year old have in retirement savings?
A Vanguard study found those between 55 and 64 held an average of roughly $256,000. But this includes high income earners; breaking the figures down, it shrinks to a median of about $90,000.
Retirement calculators and articles online can help you get some answers about whether or not you’re on the right rack. But the best thing Americans can do is head to a financial advisor who can help them reach their goals.
Financial advisors can help you assess your entire financial picture. Do you have children you need to support when it comes to education or a wedding? What’s the value of your home and do you plan to relocate? What asset sources have you possibly overlooked?
Financial advisor services like WiserAdvisor are a great place to start — their free and easy-to-use platform connects you with experienced financial advisors in minutes. With no fees to get started, you can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation.
Remember, it’s never too late to start putting cash aside. Even 5% each paycheck can add an additional $96 bi-weekly, or $2,500 at the end of the year, which can then compound.
And that’s far better than the 25% of American with nothing saved up: all of whom deserve better than to retire their savings efforts before they start.