Average American household approaching retirement has this much saved up

The view from 30,000 feet
Last June, the Government Accountability Office released a detailed report on, among other things, the current financial status of households between the ages of 55 and 64. The main goal was to measure the retirement savings for this group. Here’s the distribution that researchers found.

This means the median household approaching retirement has a nest egg of between $10,000 and $20,000. This number is drawn down significantly because 41% of these households have no retirement savings whatsoever.

Zooming in on this 41% subgroup
That doesn’t necessarily mean these retirees will have nothing to provide income in retirement. Consider:

· 56% are homeowners, with 22% having paid off their house in full.

· 32% have a defined benefit plan (i.e., a pension).

The 59% who have saved
The financial situation of this group was a much wider range, with 7% having less than $10,000 and 9% have more than a half-million dollars. Of this group:

· The median net worth per household is $337,000.

· 87% are homeowners, but only 27% own their home outright.

· 45% have a defined benefit plan.

Here’s how it all shook out.

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