Here's How Much America's Highest Earners Have Saved for Retirement

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Saving for retirement needs to be on everyone's financial to-do list. However, those who earn more money are likely to have an easier time of it. In fact, the data shows that the highest earners in the country are going to be in a far better position to support themselves in their golden years.

Just how much do the top earners have invested in retirement plans? Let's take a look.

This is what the highest-earning Americans have set aside for their future

According to the most recent data from the Federal Reserve , families who participate in retirement plans and whose earnings are in the 90th to 100th percentile of usual income have a small fortune saved for retirement. Specifically, those within this income group have a mean retirement account balance of $913,300.

This is a much larger nest egg than those within the 0 to 49.9th percentile of usual income. Members of this group who have a retirement plan have mean savings of $54,700. High earners are also doing much better than middle-income earners too, though -- it's not just the lowest earners who are struggling. Those earning within the 50th to 89.9th percentile have mean retirement savings of just $226,700.

If retirees follow the commonly accepted 4% rule -- which says you can withdraw 4% of your retirement account balance in year one and adjust upward for inflation each year without worrying about running out of money -- America's highest earnings would probably do OK. They'd have around $36,532 in income per year to supplement Social Security.

Middle-income earners wouldn't fare so well, with just $9,068 a year from savings. And the lowest earners would end up with $2,188 per year from savings.

Social Security replaces about 40% of pre-retirement earnings, meaning your savings must pick up the rest of the slack to provide around 80% or more of what you previously made. Anyone outside of the highest earners is probably going to fall short if their retirement account balances are around the average.

How can you save more even if you aren't a high earner

If you're not lucky enough to be one of the country's highest earners, you can still increase your retirement savings to build a more secure future.

First and foremost, prioritize investing your money in a 401(k) or individual retirement account (IRA) to take advantage of tax breaks. When you can deduct your contribution from taxable income, your tax bill goes down so your contribution doesn't reduce your take-home pay as much. A 401(k) may also come with an employer match, which is free money to help build up your retirement savings.

You can prioritize investing in these accounts by paying yourself first. Have the money taken from your paycheck and put into your 401(k) before your pay hits your bank account. Or sign up for automatic transfers from your checking account to your IRA on payday. You may have to cut your spending a little to make this work, but it's better to make changes now than be forced to live on next to nothing as a broke retiree.

You should also bank your raises when possible. If you get a 2% salary increase, funnel that right into saving for retirement if you aren't on track to have enough already. You aren't used to having that money yet, so you shouldn't miss it.

It's definitely easier to save for your future if your income is higher than that of your peers. However, you can't just not save, even if your income isn't at that level, or you'll end up really regretting it. Try to start investing as soon as you can and as consistently as you can so you can end up with the secure future you deserve.

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