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On May 15, 2024, Vanguard shared figures as they relate to the median IRA balances of Americans.
How Much Does Each Generation Have Saved in Their IRAs?
The chart provided by Vanguard starts at $0 and goes up to $200,000.
Not surprisingly, Gen Zers have the smallest amount of money saved in their IRAs.
Baby boomers have substantially more in savings.
In particular, male baby boomers have a median IRA balance that is quickly ascending to hit $200,000.
Female baby boomers, however, hover around the $100,000 mark in retirement savings.
Why does this gap exist?
Bruno said that women often start their investing journeys later than men.
This information is also cited in the context of Vanguards research.
Bruno also said that women may be contributing less as investors.
Below are some of Brunos tips that can help women work towardbetter investment outcomes.
However, Bruno doesnt want women to overcompensate with cash.
Consider household liquidity as a framework for emergency savings, Bruno said.
Maintain at least $2,000 in cash for spending shocks.
What about women investors who are struggling financially?
To stay on track, Bruno recommended opting for automatic investments.
Keep a Broadly Diversified Portfolio
Not sure what to add to your investment portfolio to diversify it?
Bruno recommended seeking out the help of a financial advisor.
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