How Your Retirement Savings Stack Up (Part 3)

The 61% who have saved

The financial situation of this group was a much wider range, with 7% having less than $10,000 and 9% having 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.

For those who are competitive, the authors also took into account all of the households with some retirement savings, and broke them down into percentiles. As a refresher, being in the 10th percentile means you have a nest egg bigger than 10% of all those with some saved up; the 90th percentile means you have more than 90% of those with some savings.

Here’s how the percentiles look:

All of these figures represent the financial situation of millions of households — all with different values, native cultures, needs, and wants. The importance of one’s nest egg, therefore, will hold a different level of importance as well.

In the end, there’s no harm in sitting down with an advisor for a half-hour to plot out a rough idea for the type of retirement you’d like down the road.

Original article by Brian Stoffel via The Motley Fool February 26, 2016

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