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Retirement Savings by Age

Retirement Savings by Age
How much do you have saved for retirement?

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Wait, I don't get this chart - am I missing something here?

It just says people have "retirement savings" or they don't, but it doesn't really talk about how much people have saved?

Is "no retirement savings" meaning people literally have $0 saved, or is this saying "there's not enough for the person taking the survey to be satisfied"?

Also, someone that has 'retirement savings' doesn't mean they have enough to retire. I could have a $1 account with retirement savings and say I have 'retirement savings' so the graphic above doesn't really say much in my opinion.

To answer the above Q: At 31, I have around 750K in net worth with 120K in cash (I really need to invest this...), and 200K in 401k saved for retirement.

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https://www.goodmoneygoodlife.com

My last job, whenever a campus hire asked for advice, I say "Start thinking about retirement". I get it. You're 23, you have a lifetime. But my argument was this:

1) If you have a decent job and an opportunity to start a 401k, IRA, or something else and the employer contributes, please start. Even 1% or 2% of your paycheck will be something. 5% or more, even better. (I saw so many 20 somethings spirit off to NYC or Chicago or elsewhere, get a very pricey apartment/lifestyle and blow it all. I wonder how their 50 year old selves will feel looking back?)

2) At 23, you might not be thinking marriage and kids. Eventually, life sneaks up on you and it will be more challenging to saving money. And from what I've seen, there is a lot herding going on (My friend got engaged, I'll get engaged. You're having a baby, we will too so they can play together).

Life has ups and downs, but I always save for retirement. I don't need a fancy phone  or car now. I'd rather have the money later.

Well, I am 58 and have retirement savings in the 81% bracket as shown above. But it says from the Federal Reserve 2020 survey, LMAO. I never listen to the B.S. the government claims, everything they touch becomes ruined. Not counting the pension check that I will receive when I retire from the Government and the free health insurance for life, that I have enjoyed for more than 30 years, I'd have to just go with it totals in the 6 figure range of my own savings and investments.

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