While many boomers once had retirement savings, they may have turned to their investments to fund needs before retirement, leaving them with little or nothing to live on later — a big problem.According to the Schwab survey, the average saver in this sample had $920,400 in retirement savings. But that's a figure that's much higher than the national average, even for 55 to 75 year olds.
According to data from Vanguard, the average 401 balance in 2019 was $171,623 for people aged 55 to 64, and $192,887 for people aged 65 and up. But averages are typically skewed by outliers, factoring in both accounts with $0 and accounts with millions. A more accurate picture of America's savings is offered by the median account balance — a figure that sits much lower. The median 55 to 64 year old's account balance is $61,738, and $58,035 for those 65 and up. Those figures show that savers have already tapped and lowered their savings balances by 65.
While the outlook seems rosy for some retirees, particularly those with large savings balances, it may not be that way for many American baby boomers.
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