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How much to saveSave 13 percent of your income every year, starting at age 35; ideally earlier.
How much to saveSave 13 percent of your income every year, starting at age 35; ideally earlier. Longevity From 1990 to 2020, the 55 and older population will grow 86 percent to nearly 100 million Americans. The average age of death is 78; women outlive men by about five years. Of seniors 85 and older, 71 percent are women. There’s a 50 percent chance that one spouse in every couple will be alive at 90. By 2050, more than 1 million Americans will be 100 years old or older. Saving Rates Estimates show at least two-thirds of Baby Boomers ages 55 to 64 lack the means to retire comfortably, or savings that would provide a lifetime income stream equal to at least 80 percent of their current income. Since 2005, Americans have had a negative total savings rate, excluding home equity. Boomers (born 1946 to 1964) average $150,000 worth, including home equity. Half of workers have no employer-sponsored retirement accounts. Only 10 percent or so of those have pensions. Among workers who have 401(k) retirement plans, the average balance is $57,000. Only 11 percent of people put new money in individual retirement accounts. Most of the money in IRA accounts has been rolled from 401(k) s and other employer-sponsored plans. Crisis for women Nearly two-thirds of women earn less than $30,000 a year, and women’s earnings average 77 cents for every dollar earned by men -- a lifetime loss of more than $300,000. The average Social Security benefit for women is $867 a month; $10,399 a year. Thirty percent of women 75 to 79 are poor or near poor. 401(k) Trends If they’re not automatically enrolled in 401(k) s, a quarter of eligible employees don’t make the effort to enroll. One in four workers, ages 45 to 54, are withdrawing money from their 401(k)s and IRAs -- or borrowing against their 401(k)s and then leaving jobs before the accounts are vested, or fully theirs.
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