December 2018
Most workers approaching retirement do not have enough saved to maintain their living standards in retirement, regardless of income. The median account balance for workers ages 55-64 is just $15,000 nationwide, and just $18,000 in New York State. Two-thirds of workers in the bottom half of the income distribution both nationwide and in New York State don’t have pensions and have nothing saved in retirement accounts. For the next 40 percent, median account balances are $60,000 nationwide and $52,000 in New York State. Even most workers in the top 10 percent do not have enough to maintain their standard of living in retirement – the median balance nationwide for this group is $200,000 and in New York State is $225,000 (see Figure 1). These account balances are not annual incomes, but wealth that must be spread across one’s retired life.
