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While some Americans struggle to save, characteristics such as income level can significantly impact one’s ability to save for retirement. Statistics reveal that among those in the top 10% of income earners, the average retirement savings amount to nearly $770,000—a figure markedly higher than the median savings of lower-income households.
Home ownership has proven to be a crucial factor in accumulating wealth. Homeowners, on average, have saved $33,000 for retirement, which is almost three times what renters have saved. Furthermore, the average homeowner boasts a net worth exceeding $1 million, whereas renters typically have a net worth of less than $100,000.