Average Retirement Savings By Age - How Much Should You Have Saved by 55 60 65 ?

Рет қаралды 73,113

Жыл бұрын

Let’s look at how much you should have saved for retirement. We’ll also look at what to do now to make sure you get ahead of where you are now and how to create a retirement you’re looking forward to.
Dave Zoller
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Пікірлер: 41

@bernie9728 Жыл бұрын

Consider this. I retired 7 years ago at age 62. My wife retired 5 years ago, also at age 62. To date we have not used any of our retirement money. We are having no issues living on nothing more than our Social Security. Being debt free when we retired is what makes that possible. It's not magic, it's just math.

@Michelle_Sanders561 2 ай бұрын

My question now is how can I get a good financial plan that will not fail after retirement?

@casmithc2 Жыл бұрын

Where is the SINGLE PERSON example? You are leaving a lot of people out!!

@edwardpate6128 Жыл бұрын

A large number of surveys show that 25 or more percent of those over 55 have NOTHING saved for retirement. We are heading for that to reach a critical mass.

@patriciamoore3166 Жыл бұрын

So annoying that a large organisation like T Rowe Price would not show for Singles also -there are plenty of us out there! Thanks for the info that you share, Dave!

@jpturner171 Жыл бұрын

Another great video. Thank you Dave 14 months and counting.!

@beerbrewer7372 Жыл бұрын

Great information! Thanks for creating this video.

@StreamlineFinancial Жыл бұрын

You're very welcome!

@blackbeardpapa9547 Жыл бұрын

awesome video. thank you! while I seem to be ok with 10 years away for retirement, who knows what can happen in 10 years. And that fear of being an old homeless man is still in the back of my mind. So I still need to save like it's going out of style

@johngill2853 Жыл бұрын

Income? It's expenses that matters (and expenses after social security is even more important)

@dorinatudisco1308 Жыл бұрын

Super helpful. Thank you.

@StreamlineFinancial Жыл бұрын

Glad it was helpful!

@philmarsh7723 Жыл бұрын

Early growth for plants is approximately exponential. The larger a young plant is, the more mass it gains per day. Same with compound interest.

@Erginartesia Жыл бұрын

So .. i sort of did this BUT i determined my REAL pre-retirement income by removing things that come out of your W2, like SS tax, 401k savings, and I also have union fees and a pension deduction. In the end, I took $66k OFF my ‘income need comparison with before retiring’ a W2 income comes with a lot of baggage. Perhaps you can do a whiteboard episode on this idea?

@CSB3747 17 күн бұрын

I plan to retire at 65. That's two years ago so I better get saving!

@francois3475 Жыл бұрын

Very helpful video. Thanks. What is the name of the software that is user-friendly (for non-financial advisors) for retirement planning?

@larriveeman Жыл бұрын

fortunately I have no debt, a great federal pension, don't need my IRA/TSP, not taking SS until FRA

@StreamlineFinancial Жыл бұрын

That's great to hear!

@michaelalberts4699 Жыл бұрын

We’re in a similar situation with state pension, teacher pension, social security, and retirement healthcare coverage. Interesting to see the numbers but not as critical for us.

@wdeemarwdeemar8739 Жыл бұрын

I love this stuff but not sure many will have this much saved at 55. But for me personally is great.

@StreamlineFinancial Жыл бұрын

Thank you!

@priola7587 Жыл бұрын

My advisor has me drawing from my IRA for three years when I turn 70. I’ll have about 200k left, but plan to live off my SS and moderate pension after that anyhow. I hope I’m doing the right thing. He says i will be better off tax wise.

@kckuc310 Жыл бұрын

Really the multiplier should be less as you go up

@christopherwhyte2360 Жыл бұрын

I’m guessing the multiples are based on the assumption of no pension, which might significantly reduce what’s needed in retirement savings???

@57054 Жыл бұрын

You can probably get by on 1 million if you have no mortgage and live in a rural area.

@Bob-yh7ir Жыл бұрын

Easily so. We live like kings on 55 to 60 K a year. Travel the world a few times a year, visit family and friends in the US. Great times !

@lorim4327 5 ай бұрын

A higher wage earner will also draw more social security. Too many factors to consider to use this method. Better to understand your expenses and determine how much you need to withdraw a safe percentage.

@jkmwpc Жыл бұрын

I disagree with this analysis. I think the multiples should be reversed with a higher multiple on lower current income. Obviously, someone in a lower tax bracket will likely have a lower social security benefit, and most of their savings will go toward essential expenses in retirement For someone in a higher current tax bracket, they will more easily meet their essential expenses in retirement and have more discretionary funds.

@sulingotto Жыл бұрын

How about the age at 40 and 45

@Bradleyschaeffer376 Жыл бұрын

Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy

@emt52889 Жыл бұрын

Why does the multiplier go up the older you are??

@goldretirementsolutions Жыл бұрын

Great video! Diversifying your portfolio with gold can be a solid option as well.

@johnboy26769 Жыл бұрын

Dave, I went online and filled in my required info for the DYI retirement calculator, and have been waiting over 6 hours for the email to confirm my email so i can get access. And yes I have checked my Spam folder. This is the second or third time I've done this, and i never get an email from you asking for confirmation. Am I doing something wrong, or is there something I can do to verify my email so I can get access to the DYI retirement calculator? Thank you in advance.

@StreamlineFinancial Жыл бұрын

Thanks for letting me know! I believe I see your email in my system. I'm going to send you an email right now and we can get you to the right spot.

@johnboy26769 Жыл бұрын

@@StreamlineFinancial Thank you! I just got your email to me and responded confirming it is me and asking for access to the DIY Planner. I appreciate the quick response.

@timshull59 Жыл бұрын

64 with 530k in funds I owe 140k on my home.

@joet.7831 Жыл бұрын

Sounds ridiculous to me. Idk anyone with that kind of money saved. I have a pension, Social security and TSP. I believe I will be fine. Of course T rowe price wants you to invest more, that's how they make their money.

@Rick-kj9dd Жыл бұрын

I don't understand this graph at the end of your video. Must be the way I am interpreting it but why wouldn't you need a much higher multiple at 55 at retirement as opposed to ages 60 and 65 because retiring earlier at 55 means you have to fund many more years of retirement. Hence a lot more money needs to be saved by that age. These funds saved will be required to last a lot longer in retirement.

@wrongwayeric Жыл бұрын

I think one of the assumptions they made was that the people would be retiring at 65, so the 55 year old still has 10 years to work.

@bradleyvanzile1111 Жыл бұрын

I am 54 and I’ve been retire forr 16 years and never looked at how much money I have saved just live day to day. I think some of these retirement sites over exaggerate