One just had to look at average bank balance vs median bank balance.
The median retirement account balance in the U.S. is $87,000.
Again as in bank accounts average retirement savings is much higher than median retirement savings.
For example the 55 to 64 age group average retirement savings is $537,560. The median retirement savings is $185,000.
The average American family’s net worth was $1,059,470 in 2022
The median net worth was $192,700 for the same year.
According to a recent survey conducted by Yahoo Finance and Marist Poll, 47% percent of Americans cite the cost of living as their biggest obstacle to saving money.
Thirty-three percent of respondents couldn’t cover bills for even one month if they lost their income.