US Households Not Saving Enough for Retirement | Torsten Slok's Daily Spark | Apollo Global
Apollo: Chart book (available here) documents the growing retirement crisis.
Apollo : Ten facts about retirement savings
- The US population is aging
- 18% of the US population is 65 years or older. In 2050 it will be 23%.
- 54 million retired workers receive social security benefits
- More retirees get money from social security than from a pension
- $48trn in total US retirement assets
- $30trn in private and public retirement funds
- $10trn in 401(k) accounts
- $5.7trn in 401(k) mutual fund assets
- The average 401(k) balance is $148,000, and more than half of 401(k) balances are in equities
- The global population age 65 and over will rise from 800mn today to 1.6bn by 2050
Bottom line: More retirement savings are needed, and better retirement products are needed.
References
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