While many Americans struggle to save for retirement, the top 1% amass significant nest eggs. This raises the question: How much do they save, and how does it compare to the national average?
Data from DQYDJ, using Federal Reserve statistics, highlights that the average retirement age in the United States hovers around 60, with a median age of 62. The statistics also reflect the ongoing economic activities of people who, while reaching retirement age, may continue to work or gradually use their savings.
The overall retirement savings for the wealthiest 1% stand at approximately $2.3 million. When considering a broader definition of retirement assets, the figure escalates to $5 million.
Jeannine Mancini | Yahoo Finance