Survey: Retirees Lost Ten Percent of Their Savings in 2022

Survey: Retirees Lost Ten Percent of Their Savings in 2022

The average retiree has $170,726 saved for retirement, or about ten percent less than the $191,659 they had at the start of 2022, according to a new Clever Real Estate survey of 1,000 retirees.

Other survey highlights:

  • 12 percent of retirees have at least $555,000 in retirement savings. Investment guidelines suggest having 10x one’s annual job income saved when entering retirement, with the median being $55,640;
  • 37 percent of retirees say they have nothing saved for retirement;
  • 57 percent were surprised by how much it actually costs to retire;
  • 83 percent say inflation has impacted their retirement savings;
  • 44 percent of retirees struggle to afford basic living expenses; and
  • 71 percent have non-mortgage debt (average balance of $19,888) and 18 percent have medical debt (average balance of $10,259).