Here's the Average Retirement Savings That People 75 and Older Have Left

Tracking your remaining savings is critical to every retiree. And it can be tricky, because you not only need to compare what you're spending each year with your savings, but you also need to approximate how long your savings will last, i.e., your own longevity.That last bit of information is a difficult and fraught one to determine, of course. But one way to look at your retirement finances is to compare them with what others have left in their accounts. That's one of the many reasons the Federal Reserve conducts its well-known triennial Survey of Consumer Finances. Data and analysis from the most recent survey, in 2002, were published in 2023.One data set the survey collects is retirement accounts by age. According to the survey, Americans 75 or older have an average of about $462,400 left in retirement savings. That's less than those 55 to 64 ($537,600) and those 65 to 74 ($609,200) because, of course, most people in their 70s have been spending down their savings for a decade or more.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool