Here’s the average retirement nest egg Americans have stashed away by age 65 — how do you stack up?
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Have you prepared enough for retirement? It’s a question on the minds of many Americans as they approach 65.
The biggest fear among retirement savers is the possibility they will outlive their assets, according to a survey by research firm Cerulli Associates. Around 58% of retirement savers (including retirees) reported this as their top fear. The figure was even higher among Gen X and baby boomers.
According to Vanguard, the average retirement balance for those who are 65 and older is $232,710.
The best way to determine whether you have enough savings to last through your retirement is to work with a financial adviser; they can run simulation tests based on your assets and spending.
In the meantime, you can look at how much other Americans have saved depending on their age group. Just remember that national figures are just that — a general snapshot — so take them with a grain of salt as you weigh them against your own finances.
If you think you might be behind on your financial goals for retirement, there are always a few ways you can catch up.
In 2022, Vanguard published the following average balances of retirement savings by age group.
If you are in one of the younger age categories or still working, you might want to consider opening an individual retirement account (IRA) now so your retirement nest egg can grow over time.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.
For those getting closer to retirement age — say between 45 to 65 — you might want to boost your nest egg with passive income to further solidify your retirement fund as you approach those golden years. And there are options that can continue to provide you with some income when you stop working.
Commercial real estate is recognized by many as a way to add stability to your investment portfolio. With First National Realty Partners (FNRP) — a private equity firm—investors have access to institutional-quality, grocery-anchored commercial real estate investments without the legwork of finding deals.
