What Does the Average American Have Saved at Retirement?

The graph above shows that the U.S. UU. A financial advisor can help you with those questions and then design a financial strategy to help you achieve your individual goals. Using them as an indicator is a bit like comparing your SAT score to your high school grade average to determine if it's high enough to enter a particular university.

The only piece of data that is crucial is the average SAT score of first-year students admitted to the university. Without that data, you have no idea if your score meets the institution's standards. For example, what is your current average monthly spending, and do you expect to keep it after retirement? Do you plan to move? If so, will you live in a region where the cost of living is higher or lower than where you are now? How do you plan to spend your time traveling the world in style or volunteering in your neighborhood and working in your garden? Having a rough projection of how much money you need to retire comfortably can be useful. However, if they are based on generalized assumptions, they cannot address individual circumstances, such as your income, your spending needs, and your risk tolerance.

That's where a qualified financial advisor comes in. After evaluating your condition with these tools, schedule a face-to-face meeting with a financial advisor to set a more precise goal. When you save for retirement, doing so alone can be risky. If you're interested in learning more about how Edward Jones can help you create an effective plan to achieve your retirement goals, contact an Edward Jones financial advisor today to talk to him.

Find financial advisors that are personalized for you. After this point, the average and median values of retirement accounts begin to fall, as does the percentage of people who have retirement accounts. Wealth earmarked for retirement hasn't grown fast enough to keep up with the aging of the U.S. population and other changes, and the shift from traditional pensions to individual savings has widened retirement gaps, according to the report.