The average household that’s approaching retirement, ages 55 to 64, has just $110,000 socked away in retirement accounts. What would that buy you if you bought an annuity – guaranteed monthly income? The answer: $500 a month. That, plus Social Security at an average of $1,300 a month is all most people have.
And the lower your income, the lower your total savings tend to be – if any.
The Boston College Center for Retirement Research used 2013 figures from the Federal Reserve System's Survey of Consumer Finances to calculate average 401k savings for workers.