Retirement savings in the US are low across the board — but they’re even lower for single people.
“Single people tend to be less prepared for retirement than their married counterparts,” writes the Economic Policy Institute (EPI) in a new report, “The State of American Retirement.” “Even among those approaching retirement (age 56 — 61), most single men and women do not have any retirement account savings.”
Only 43% of single men and 42% of single women have retirement account savings at all (scroll over the chart below to see how the numbers have changed over the years):
And those who do have savings accounts aren’t setting aside nearly enough. Among single men with retirement accounts, the accounts hold an average of $34,000. Among single woman, there’s an average of $30,000 saved:
In general, the EPI notes, people need to set aside more, but women are particularly vulnerable because they live longer and are more likely to outlive their savings.
The amount you should have in your retirement fund is highly personal, but to get a general idea of how big your nest egg should be by now, check out this handy retirement savings checkpoint guide from JPMorgan.