Your retirement savings vs. the average Ask Dr. Don by Don Taylor, Ph.D., CFA, CFP • Bankrate.com

Dear Dr. Don,
I am 53 years old. My annual income is $50,000. My retirement savings and investments equal $225,000 and I have an additional $20,000 in an emergency fund. I have no debts. I would like to know how I'm doing compared to others.
-- James Juncture

Dear James,
You're an above average guy. That said, what does it matter how others are doing? What matters is whether you're on track to meet your life goals, and if you're not, how you can get on track to reach those goals.

The Bureau of Labor Statistics (BLS) has a report posted on its Web site, "Comparing the Retirement Savings of the Baby Boomers and Other Cohorts," written by Sharon A. DeVaney and Sophia T. Chiremba that will help you keep score. Here is one of their reported results:

There was at least one retirement account in 57 percent of the households. The average or mean amount in the retirement accounts was $49,944, but the standard deviation was $174,193, suggesting that the dollar amount held in retirement accounts varies widely by individual households. The median amount held in retirement accounts -- $2,000 -- provides another indication of the wide variation in the amounts held by households.

If your retirement money is in a tax deferred 401(k), 403(b) or traditional IRA account, keep in mind that distributions out of the account are going to be taxed as ordinary income. The government is getting a slice of that money.

The average household income in this sample was $72,673.51 and the median amount $44,000. The sample represented nonretired households with the heads of household age 70 or younger in the 2001 Survey of Consumer Finances.

If you want to find out if you're on track for retirement, talk to a fee-based financial planner about your retirement goals and sources of retirement income. An earlier Dr. Don column, "Picking a financial adviser," can help you find a planner.

To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "Financing a home," "Saving & investing" or "Money."