Posted by (Column of American Life Insurance Guide Network 2021/02/26)"How much do people around me save for retirement?"，"How much money should I save at my age?"This may be a big doubt in many people's minds.
Fidelity (Fidelity Investment), as the nation’s largest individual retirement account and corporate 401(k) retirement account account management agency, recently released a set of data, revealing to us that in the past 2020, all Americans have saved How much pension may help us answer the above questions.
Under the epidemic, 160 million people withdrew their pensions in advance
The global outbreak of Covid-19 has made 2020 a very difficult year.从2020年3月起，到2021年1月，有160万人从他们的401(k)退休账户中提前支取了退休金。6.3% of Fidelity users withdrew their pensions in advance.
During the epidemic, the CARES Act allowed eligible individuals to withdraw $10 from their pension accounts in advance without paying a 10% early withdrawal penalty.
During June 2020, Thelifetank was also very positive about "Withdrawing pensions in advance, is the advantage outweighs the disadvantages or the disadvantages outweigh the advantages?”Discussed, here is relevantSpecial Report(Click).
Women are the champion of pension savings
Although due to the impact of the epidemic, many Americans withdrew their pensions in advance.
On the other hand, about one-third of 1(k) retirement account holders have increased their savings for retirement during 3.
Among them, in the last quarter of 2020,The amount of women’s additional pension savings has reached a record high.
According to Fidelity’s report, in the last quarter of 2020,The average balance of a 401(k) company pension account for working people is $121,500.
How much pension do Americans of all ages save?
Data for Q2020 of 4 also reveals how much Americans of all ages have saved in company 401(k) retirement accounts.
Through this data comparison, it may help us to understand whether the money we save for retirement has reached the average level of Americans.
From the picture above, we can see that American office workers from 30 to 39 years old,The average company pension account is $50,800.
How much should we save every month?
After comparing the average retirement savings of Americans, we naturally began to pay attention to how much pension do we need?To achieve this goal, how much should we save every month?
Fidelity Investment’s suggestion is that when we retire,At least 10 times the salary income at the time has been saved.
Therefore, if we are going to retire at the age of 65, the expected annual salary at 65 is $18 before tax.So, my retirement savings goal is 18×10=$180 million.
TheLifeTank©️ also provides "Retirement Savings Calculator"And the instructions for use, according to the calculation of the retirement pension savings target (such as $180 million), you can calculate how much money you need to save each month.
Article summary
Financial management for retirement may be a financial problem that everyone cannot avoid.Comparing the average pension data of Americans may give us a better understanding of our current situation.
The key point of financial management for retirement is to make retirement planning as early as possible and use the most valuable "time" force to carry out compound interest accumulation from small to large.
For individuals whose individual retirement accounts or corporate pension accounts are full, or business owners who are pursuing other advantages, using cash value life insurance or retirement pension products to supplement retirement income planning is also an important financial strategy. (End of full text)
(>>>Recommended reading:2019 Data｜The million-dollar pension account hits a record high, how much money should I save at my age?? )
