The Carr Report: How much should you have saved for retirement at every age?

Getty Images Stock Photo There’s a popular meme floating around on social media that states, “I have enough money saved to live comfortably for the rest of my life. If I die by Thursday.” When I post this meme, it gets a lot of reactions and comments. Why? Because for the average person, the statement is funny with a dash of truth. Most people can relate. The average person is grossly undersaving for retirement. According to Vanguard’s “How Americans Save 2023” report, the average retirement savings in the U.S. by age are as follows: Under age 25 – $5,236 Ages 25-34 – $30,017 Ages 35-44 – $76,354 Ages 45-54 – $142,069 Ages 55-64 – $207,874 Ages 65+ – $232,710 Based on the average retirement saving figures stated above, are you below average or above average for your age? There’s another popular meme circulating on social media that states, “Work until your bank account balance looks like a phone number.” When I was growing up, a person’s phone number was 7 digits. We didn’t include the area code when calling local phone numbers. The bank account balance equivalent to 7 digits is $1 million. Nowadays, when you call someone you have...