Academic journal article Journal of Accountancy

Saving for Retirement Begins Earlier

Academic journal article Journal of Accountancy

Saving for Retirement Begins Earlier

Article excerpt

U.S. workers are starting to save for retirement at an earlier age. According to a survey of 1,000 workers conducted for the Employee Benefit Research Institute, the median age at which workers started saving for retirement was 30, and the median amount of savings deemed necessary for retirement was $150,000.

Younger adults began saving for retirement at an earlier age than their elders. Respondents aged 18 to 34 began saving for retirement at a median age of 23; in the 35-54 year group, the median age was 30, and in the 55 and older group, it was 42.

The amount of savings thought necessary for retirement also varied by age group. The median for the 18-34 group was $100,000, which rose to $200,000 for the 35-54 age group and then dropped to $100,000 for those 55 and older. The median amount saved last year by respondents saving for retirement was $2,500.

When asked about Social Security, 88% of the respondents rated the program as either very important or somewhat important compared with all other government programs. Respondents were divided on Social Security's long-term viability. …

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