The retire “comfortably” amount Americans say is needed has jumped to $1.46 million, up 53% from four years ago. (Source: Northwestern Mutual)
Investment fund Vanguard reported in 2023 that the median retirement balance was $35,286.
The average account balance fared better at $134,128, far short of the retirement target.
Vanguard said the average account balance represents a 19% increase from the previous year, mainly because investors contributed 11.7% of their annual earnings for retirement.
Based on these figures, Americans do not plan to retire anytime soon.
The job market
Despite the uptick in added jobs in September 2024, the job market is slowing down, with immigrant workers accounting for nearly half of the 232,000 monthly average. Although the report doesn’t clearly explain this, it could explain why blue-collar jobs have jumped by almost 50% in 2024.
Even with immigrant workers stepping into blue-collar jobs, this job market sector has found new life with high school graduates rethinking the high costs of college.
Traditionally, blue-collar jobs pay less than white-collar jobs, but changing trends and higher skill requirements are changing the picture.
