Average Retirement Savings Revealed: Are You On Track?

Bad news: Statistically speaking, you are probably not saving enough for retirement.

An in-depth 2022 exposé by Northwestern Mutual revealed that more than 6 out of every 10 Americans recognize their financial planning "needs improvement."

Even worse: Although 60%+ of Americans readily admit to needing help with finances, only about 35% of them actually seek it in the form of a financial advisor.

Financial advisors are not new, of course. Working with a fiduciary financial advisor can ensure that you're prepared for the retirement you want.

So why don't more Americans choose to work with one? More on this shortly.

Are You Saving Enough? A Hard Pill to Swallow …

Some financial experts suggest having at least one year's salary saved by the time you're 30.

Expressed in multiples of your yearly salary, the numbers only go up from there:

• 3x by age 40
• 6x by age 50
• 8x by age 60
• 10x by retirement

If you're behind, don't worry. It's not totally your fault. The truth is that earning enough to put into retirement seems to be getting harder every day.

Rent is up. Mortgage rates are sky-high. Food costs are exploding. And many U.S. workers have said their wages are simply not keeping up.

Contrary to popular belief, there's nothing wrong with feeling like you'd rather spend extra money on something you want instead of putting it into retirement.

… But what if there was a way you could have both?

What you want now, and healthy retirement savings?

If you work with a financial advisor, it's possible. More on this below, but first, let's take a look at the numbers and see how you stack up.

Revealed: Average Retirement Savings in America by Age

In the 2019 Survey of Consumer Finances, researchers pulled in data revealing the average retirement savings balance of different age groups.

While these figures reflect an average, some people may have more or less saved. The study did not reveal whether or not individuals were working with a fiduciary.

Where do you fall on this spectrum?

Key Takeaway: What it Really Means if You're Behind

If the chart above has you worried, know that you're not alone. Overall, many people are simply not saving as much as they feel they should for retirement.

And while some Americans tend to enter retirement with a little bit of savings, it's usually not enough to support their lifestyle. This is probably why more Americans are retiring later than they used to.

Yes, a big part of the problem is the current economy.

But the other part of the problem involves a number of misconceptions around financial planning … often that it "costs too much," or that working with a financial advisor would force you to choose between happiness now or security down the line.

One of the best ways to find out if you're on the right path is by speaking with a qualified, vetted financial advisor who can help you plan for now and your future.

It's far easier than you might think, and you may be pleasantly surprised by the outcome.

Get connected with a financial advisor here — it's free