Average Household Savings & Income By Age & Education

Savings and debt have long been a hot topic in the United States. In recent years, the subject has gained much focus by consumers and industry analysts. Just good (or bad) are people’s savings and debt levels in America? 

Recently much interest had to do with the fact that Income has stayed relatively flat for middle income Americans, while high income Americans have seen increases in their income.

Average IRA savings by age group:

• 20s – $12,537
• 30s – $33,784
• 40s – $68,683
• 50s – $122,957
• 60s – $212,812
• 70+ years old – $219,790

Average individual retirement savings (401k) by age:

• 20s – $16,000
• 30s – $45,000
• 40s – $63,000
• 50s – $117,000
• 60s – $172,000

Retirement savings by age – ideal versus reality:

• 35
  • Ideal: $54,000
  • Reality: $45,000
• 45
  • Ideal: $162,000
  • Reality: $63,000

• 55
  • Ideal: $270,000
  • Reality: $117,000
• 67
  • Ideal: $172,000
  • Reality: $432,000

Average household debt by age (includes unsecured and secured debt):

• Under 35 – $45,300
• 35 to 44 – $108,000
• 45 to 54 – $86,500
• 55 to 64 – $70,000
• 65+ years old – $26,000

Average household income by percentage distribution:

• 12.6% – under $15k
• 11% – $15k to $24,999
• 10.1% – $25k to $34,999
• 13.1% – $35k to $49,999
• 17% – $50k to $74,999
• 11.5% – $75k to $99,999
• 13.4% – $100k to $149,999
• 5.7% – $150k to $199,999
• 5.6% – $200k+

Mean earnings versus education:

• $21,622 – not a high school graduate
• $32,630 – high school graduate
• $35,943 – college or associate’s degree
• $60,149 – bachelor’s degree
• $89,253 – advanced degree

Annual non-social security retirement income versus education:

• $1,901 – high school diploma
• $8,482 – bachelor’s degree
• $12,887 – master’s degree
• $18,036 – doctorate or professional degree

Household net worth by age group:

• Under 35
  • $0 – 30th percentile
  • $6,682 – 50th percentile
  • $33,477 – 70th percentile
• 35-44
  • $4,058 – 30th percentile
  • $35,000 – 50th percentile
  • $128,430 – 70th percentile
• 45-54
  • $12,175 – 30th percentile
  • $84,542 – 50th percentile
  • $228,708 – 70th percentile
• 55-64
  • $39,057 – 30th percentile
  • $144,200 – 50th percentile
  • $333,750 – 70th percentile
• 65+
  • $68,783 – 30th percentile
  • $171,135 – 50th percentile
  • $344,870 – 70th percentile

Sources:

• http://www.fool.com/investing/general/2015/10/03/the-average-americans-retirement-savings-by-ageand.aspx
• https://www.census.gov/people/wealth/files/Debt%20Highlights%202011.pdf
• http://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/
• http://www.statista.com/statistics/184242/mean-earnings-by-educational-attainment/
• http://money.usnews.com/money/retirement/articles/2015/07/06/how-your-retirement-account-balance-compares-to-your-peers
• http://www.fool.com/investing/general/2015/10/03/the-average-americans-retirement-savings-by-ageand.aspx
• http://www.ncpa.org/pub/ib125
• http://www.fool.com/investing/general/2015/01/26/the-average-americans-net-worth-by-age-heres-where.aspx