Here's the Average Retirement Savings for Americans by Age
The Federal Reserve conducted its latest Survey of Consumer Finances (SCF) in 2022 and published the results in October 2023. The triennial report provides an overview of income, assets, liabilities, and net worth across American households.
Within assets, the SCF gives details on retirement accounts, but most people have additional retirement savings in other investment vehicles. So, readers looking to compare their financial status to that of their peers should also consider savings kept in certificates of deposit and bonds, as well as savings invested in stocks and index funds held outside of traditional retirement accounts.
The terms "average" and "mean" are often used interchangeably, but statisticians define average as a broad term encompassing three measures of central tendency: mean, median, and mode. Each metric is useful in different situations, but median is generally most appropriate when dealing with asymmetric data like financial information.
Source Fool.com
