This Is the Average Retirement Savings for People Aged 75 and Older

You've probably got a good idea of how much the average person saves for retirement as they approach that point in their life. But what about people who are well into retirement? Are they hanging on to enough of their savings to go the full distance?Numbers from the Federal Reserve's 2022 Survey of Consumer Finances suggest they are. The average remaining retirement savings for the 75-and-up crowd at that time was $462,410. In the meantime, retirement plan administrator Empower reports that, as of October of this year, the average 401(k) balance for people in their 70s is $425,589, while people in their 80s have an average of $418,911 in their former workplace retirement savings accounts.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool