Average Employee Can't Afford to Retire Until 73

Retirement Study Reveals Average Employee Can't Retire Until 73

Key results:

  • 81% of employees 18 or older will not be able to afford to retire by the age of 65
  • The leading cause impacting employees’ ability to retire on time is their failure to contribute enough of their income towards retirement
  • Employees above the age of 55 will need to contribute more than 45% of pay through the remainder of their career to retire by age 65. Employees age 45-55 must contribute 19% of pay to retire by 65.
  • The average participant, relying on their 401(k) as a primary retirement vehicle, will not be able to retire until the age of 73.
  • Most employees age 60-64 will likely need to work until the age of 75 to be able to afford to retire at their current levels of contribution to their 401(k).

Comment: Report is downloadable in PDF


  1. Yet another study: Retirees: Get ready to live on $190 a month

    The survey, which polled nearly 2,000 middle-class Americans ranging from 20 to 60 years old, found that Americans aren't saving enough, they are underestimating the amount of money they will need in retirement, and they are more likely to end up working through retirement.

    While most Americans predict they will need a nest egg of $300,000 to live on for 19 years in retirement, the average savings of 50-somethings is only $29,000, which comes out to an income of $190 a month over 20 years assuming a 5% rate of return.

    "$190 a month is not going to cut it," said Laurie Nordquist, co-head of Wells Fargo Institutional Retirement and Trust. "This reinforces the huge gap in terms of what people are going to need and what people have. They have a little time to add to that nest egg, but it's a huge shortfall to recover."

    Observations: We know believers who are in their late 50s and have saved nothing for retirement. I wonder if the church has done enough to really teach "the whole counsel of God". Because saving and preparation for the future are Biblical doctrines!

  2. $190/month? Ouch!

    Knowing one pastor closing in on 80 who admits to not knowing much of what the Bible says on the subject, I can hazard a guess as to why so many in their late 50s do not have a working knowledge of the subject......they've been hearing theological hobby horses instead of the Scriptures.

  3. I will always be grateful that a HS teacher I had at 4th took time to do a unit on the stock market and the wisdom of investing. He taught lessons that will literally last the rest of my life.


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