https://www.investopedia.com/ask/answers/101215/what-size-average-retirement-nest-egg.asp says
- end of 2018 average (not median) balance in 401k was $95,600, based on 30+ million 401k accounts. Are zero data points excluded? Yes I assume your account gets created only when a contribution is made.
- .. The median is likely much lower than average due to large outliers. See [2]
- zooming into a subset, the average among corporate-sponsored 401k was $104k at end of 2018
- zooming into another subset, those with household income above 100k, the estimated household(not individual) median retirement savings is 215k,
- zooming into another subset, those with some post-grad education[1], the estimated household median retirement savings is 225k
[1] this Investopedia article makes distinction between “some college education” vs “colledge graduates”. The nest egg sizes are very different !
Comparable — CPF RA balance is typically SGD 200k. The typical 401k sums are not a lot in the U.S. given the high burn rate in the U.S. (Melvin3++).
— https://www.brookings.edu/blog/up-front/2020/12/08/the-black-white-wealth-gap-left-black-households-more-vulnerable/ has a chart showing the Median value of retirement equtity among households with retirement assets [2] in 2019. Note negative data points are excluded 🙂
- among white households with househead head >= 55, that median was USD 66k, regardless of education or income.
- among black households with househead head >= 55, that median was USD 27k
[2] “retirement assets” in this survey may include more than the 401k. I will assume “little more”. So Median 401k among all races might be [50k->60k]
— Bob Wells (cheapRVliving.com) said 25% of Americans have “$0 saved towards retirement”. Did he include non-working individuals, such as children?
These “25%” Americans may have savings for other purposes, not retirement.