Where U.S. Families Stand
Here is a look at the median retirement account balances and financial assets of American families in 2013, based on an analysis by the Employee Benefit Research Institute.
Just as a frame of reference, $104,000 translates into somewhere between $360 and $589 a month in lifetime income (4% rule vs purchased annuity).
Families with a head of household between 55 to 64 in age that:
- own a retirement account have a median balance of $104,000.
- may or may not own a retirement account have total financial assets of just $52,650.
- do not own a retirement account have financial assets of just $1,500.
Families with a head of household who is 65 or older that:
- own a retirement account have a median balance of $118,000.
- may or may not own a retirement account have total financial assets of just $44,000.
- do not own a retirement account have financial assets of just $7,000.
QUINNSCOMMENTARY 
$360-589 per month? And that is if you were able to save during your working years. Looks like this data is one very good reason we need to fix Social Security now. My son is one of the lucky people I know, He is 30 and is able to set aside $9600 per year into retirement funds. I do not know how many years he will be able to continue. But he will have put in $336,000 by the time he is 65. That will give him about $1100 per month. I did not figure any gain, because I believe inflation will eat away at most of that over 35 years. Even my son will need a Social security check to make it during his retirement years. FIX SS NOW!
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