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).