Here's an interesting piece on .
You'd expect to have a FORTUNE saved, right?
Uh, it's less than you might think. The details:
According to the Economic Policy Institute (EPI), which looked at the state of American retirement in a 2016 report, the top 1 percent of families had $1.08 million or more saved in 2013.
The 90th percentile family had $274,000 saved, and the 80th percentile family had $116,000. Meanwhile, the median working-age family had only $5,000 saved in 2013.
Several thoughts here:
- I would have guessed that they had $5 million or more on average, so $1 million seems disappointingly low.
- The 90th percentile has less than $300k saved? Yikes! I thought 90 was an "A", but I guess that doesn't apply to retirement saving.
- Man, it drops like a rock after 90 too. Ugh.
As for the top number, there's debate about how much you need to retire. Some say while . Thoughts on this?