The question is irrelevant. The story is how unprepared the median person is prepared for retirement. On that score, the article does explain.
by Mish Shedlock, The Maven:
The question is irrelevant. The story is how unprepared the median person is prepared for retirement. On that score, the article does explain.
Stats
Point number 2 is the most relevant point. 50% of household have less than $11,700 in savings.
Averages Lie
What’s wrong with averages? The Skew!
Average and Median Savings by Income Level
The top 1% of income earners have an average savings of $2.53 million and a median savings of $1.16 million.
That average affects people with no savings.
The median savings for 40% of households is zero. The “average” varies by income group but it is much higher.
The “middle” (40-60% of wage earners) median savings is $34,020 but the average is $65,830.
This is where the stats get truly depressing.
The average “boomer” headed into or in retirement has $274,910 in savings.
What’s wrong with that?
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