U.S. Retirement Saving - Statistics & Facts

U.S. Retirement Saving - Statistics & Facts

Statistics and facts about retirement saving in the United States

For those who wish to enjoy a comfortable lifestyle in retirement, saving is important and while the total financial assets of U.S. federal government retirement funds in 2014 amounted to around 3.68 trillion U.S. dollars - up from 3.16 trillion in 2010. With a mounting deficit, financial troubles and public debt levels at over 70 percent of GDP, the pension system is in an acute state of crisis.

Entitlement programs such as social security have been under attack in Congress from both sides of the isle. Curtailing spending on these entitlements is among the suggestions being made as a means of lowering the national deficit. It is also being suggested that those saving accrued by middle-class seniors will be nowhere near sufficient to support their current standards of living. The most popular type of retirement savings account was the 401(k) plan in 2016. This plan allows an employee to choose between receiving compensation in cash or a portion of it gets put into a 401(k) account. However, over ten percent of households with incomes exceeding 200 thousand U.S. dollars in that year didn't own even one retirement account.

Choosing how to save for retirement can be tricky, which leads people to seek advice. A 2016 survey showed that the most popular source of information and advice was a professional financial advisor.

Photo: Statista

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Facts on retirement saving in the U.S.
Government retirement plansStatistic
Financial assets of U.S. federal government retirement funds3,757bn USD Details →
Assets of federal pension plans in the U.S.1,512bn USD Details →
Assets of state and local government employee retirement funds in the U.S.5,625bn USD Details →
Assets of retirement defined contribution plans in the U.S.6,731bn USD Details →
Net purchases of equities by state and local government retirement funds in the U.S.-66.7bn USD Details →
Retirement SavingStatistic
Share of Americans with 401(k) plan64% Details →
Share of affluent American households (income above 200,000 USD) with regular IRA retirement plan40.6% Details →
U.S. families with saving bonds (with family head aged 45-54)10.4% Details →
Share of Americans thinking that saving less than 10% of annual income will be sufficient to live comfortably through retirement13% Details →
Share of Americans claiming that bank advisors were the most important source of retirement saving information5% Details →
Share of Americans starting to save for retirement because they started a family13% Details →
Share of Americans working on retirement because they enjoy their work46% Details →
Share of Americans very confident that they are financially very well prepared for retirement18% Details →
Share of Americans not confident about having enough money to live comfortably through retirement38% Details →
Retirement readiness index score in the U.S. (on a scale from 1 to 10)6.67 Details →

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