What the Typical Retirement Saver Over 70 Actually Has Stashed Away
Investors like to compare themselves to others, and there's no bigger comparison to consider than retirement savings.
Overview
How do I compare? That's a question that humans ask all of the time, but also one that can lead to bad emotional outcomes if you aren't careful. When it comes to money, there will always be someone who has more than you. But at the same time, it is valuable to set benchmarks, noting that the average U.S. saver aged 65 to 74 (70 being the rough midpoint) has around $600,000. That's the peak savings age group, according to the U.S. Federal Reserve.
But the retirement savings math isn't that simple. Here's a deeper examination of that number and another way to look at savings goals that is probably a better option.
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Originally published at www.fool.com.