Making $65K a Year? Find Out How Your Retirement Savings Compare to Others

In the economic landscape, understanding how your retirement savings measure up against national averages provides valuable perspective for financial planning. With the average American salary hovering around $65,000, retirement preparation looks different for everyone based on their saving habits, financial literacy, and long-term goals. Recent studies reveal trends concerning Americans’ saving patterns and retirement readiness, highlighting significant gaps between current practices and recommended financial strategies for a comfortable retirement.

The State of Retirement Savings in America

The financial reality for many Americans presents a challenging picture. According to recent research from Checkbox, only 36% of Americans feel confident in their financial literacy, directly impacts their ability to plan effectively for retirement. This knowledge gap manifests in concerning savings behavior, with 40% of Americans saving less than 5% of their income.

For someone earning the national average salary of $65,470, that translates to setting aside approximately $273 or less per month toward emergency funds or retirement accounts. This amount falls significantly short of recommendations from financial experts, who typically suggest saving 15-20% of income for retirement.