Can you guess how much the average working boomer has saved for retirement?

Originally published: August 12, 2022

Updated: August 17, 2026

It is no secret that there are retirement challenges facing Americans.

In a 2022 survey conducted on behalf of home financing and real estate website “Anytime Estimate,” 1,002 non-retired Americans were surveyed on how much, or little, they have saved for retirement, and the results were not pretty.



According to the survey, the median retirement savings among respondents was just $71,500 — nowhere near enough for a secure retirement. One out of every six (16%) had saved absolutely nothing, and 27% had saved less than $50,000. More than one in three (37%) were currently making no contributions at all (source: Anytime Estimate, 2022).

Respondents who are still working, with a median age of 60, have average savings of around $112,000. One quarter of those surveyed, and 30% of millennials, said they were planning to rely on “cryptocurrencies” to finance some of their golden years.

Good luck with that! This may be hard to do if the crypto bubble continues to deflate at its current rate.

Probably the saddest part of the survey was that around 80% of people expect their standard of living to decline in retirement, while 10% feared they wouldn’t be able to retire at all. What is sad is that these people are obviously well aware of the problems they face but may not know the right steps to take.

Financial professionals, like those at Summerlin Benefits Consulting, help people determine how they can navigate these retirement challenges, regardless of their age. It is never too early or late to get help.

For those who are young, the obvious answers are to save more, save earlier, and invest better — which usually means investing in long-term assets like stocks and keeping your costs low. But we all know how volatile the stock market can be, so even time is not always a guarantee of a healthy retirement.

Those who are older don’t have the luxury of time at all, and in most cases, they will need to rely on Social Security providing the bulk of their retirement income.

The Social Security dollars deducted from your paycheck are being invested this year in special-issue U.S. Treasury bonds paying between 4.0% and 4.5% interest, through June 2026 (source: SSA). That compares to consumer price inflation running at about 3.4% annually (source: BLS).



Last year, in 2025, those bonds paid between 4.125% and 4.625% interest — and back in 2020, the rate was as low as 0.625%. When this article was originally published in 2022, inflation was running near 9% annually while trust fund bonds were paying a fraction of that, so a lot of that purchasing power effectively went out the window. Today’s picture looks more favorable: with 2025–2026 bond yields outpacing current inflation, the trust fund’s recent investment returns have kept better pace with rising prices.

No wonder Social Security is in an increasingly challenging financial position. The fund is invested largely in low-paying U.S. Treasury bonds, and its long-term returns have been modest compared to the returns other countries see from their social security or “future” funds.

If you’re thinking that sounds like an unwise investment policy, you’d be right. But it seems like Washington won’t be making moves to change the policy any time soon.

Social Security is a “defined benefit” rather than a “defined contribution” retirement plan, so your benefits aren’t directly tied to the investment returns from the underlying assets. Instead, your benefits are set by law — but are supposed to be financed by underlying assets. The poor investment returns mean those assets are running out. This is why many people are talking about cutting Social Security benefits.

Heaven forbid they should improve the returns.

This is why many Baby Boomers have utilized products like Fixed Index Annuities (FIAs). When structured with an optional income rider, an FIA can provide income for life, guaranteed by the financial strength and claims-paying ability of the issuing insurance company.

An FIA is a safe money vehicle, where you can accumulate interest growth on an asset (some portion of your overall retirement strategies) for the purpose of turning on income in the future. It allows you to create your own future fund — and with an optional income rider, a defined monthly income benefit that works kind of like a pension, which can supplement Social Security and other retirement income sources. Boomers who haven’t set aside a huge amount of liquid savings can at least use some of what they have saved for this purpose, and it is a really good way to fill that void.

At Summerlin Benefits Consulting we are Safe Money professionals. We believe that helping clients protect a portion of the money they do have will go a long way to helping them protect their futures as well. If you’d like help reviewing your options for retirement income protection and/or to discuss how to best plan your financial future, please feel free to call today for a no-obligation meeting.

Important Tax and Legal Information

This content is for informational purposes only and does not constitute tax or legal advice. Summerlin Benefits Consulting does not provide social security, specific advice related to taxes, or legal advice. Consult a tax/legal professional for guidance with your individual situation.

Important Retirement Planning Information

Every retirement strategy is unique, and not all annuity products offer the same features, guarantees, or level of protection. References in this article apply only to the specific retirement solutions discussed and should not be interpreted as applying to all annuities. The right strategy depends on your individual goals, financial situation, and retirement objectives. This is something Summerlin Benefits Consulting can help you determine.

Frequently Asked Questions

Q: How much has the average working baby boomer saved for retirement?

A: Working baby boomers have saved an average of about $112,000 for retirement, according to a 2022 survey of non-retired Americans (Anytime Estimate, 2022). That’s far below what most financial professionals recommend, leaving many boomers with a real savings gap to close before retirement.

Q: Can a Fixed Index Annuity (FIA) provide guaranteed income for life?

A: A Fixed Index Annuity (FIA) can be structured, often with an optional income rider, to provide income for life, guaranteed by the financial strength and claims-paying ability of the issuing insurance company. Many Baby Boomers use FIAs as a safe money vehicle to convert a portion of savings into steady income alongside Social Security.

Q: How well do the bonds that fund Social Security actually perform?

A: Social Security payroll taxes are invested in special-issue U.S. Treasury bonds, which paid between about 4.0% and 4.5% interest in 2026, versus roughly 3.4% annual inflation. The fund has historically earned modest long-term returns compared to other countries’ retirement funds.



Q: How many people are planning to rely on cryptocurrency to fund retirement?

A: About 25% of respondents in a 2022 survey — including 30% of millennials — said they planned to rely on cryptocurrency to help fund retirement (Anytime Estimate, 2022). Given how much crypto prices can swing, leaning on it as a primary retirement strategy carries real uncertainty.