Can You Retire On The Average Retirement Savings? 🤔

Рет қаралды 16,884

Күн бұрын

What is the average retirement savings in the United States? Can you retire on the average retirement savings? Today one of our financial advisors is building a retirement plan using Right Capital for the average retirement savings! Enjoy!
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
0:00 - 0:33 Intro to average retirement savings
0:34 - 2:03 Where this financial data comes from
2:04 - 3:00 Median & Average retirement savings at age(s) 55-64
3:01 - 3:29 Net Worth retirement planning
3:30 - 3:58 Average retirement savings age 45-44
3:59 - 5:00 How much do you need for retirement?
5:01 - 6:36 Key Differentiators in Retirement Planning
6:37 - 7:30 Sample retirement plan for 55-year-old retiring w/ the average
7:31 - 7:39 Thoughts?
#retirement #retirementplanning #investing
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Пікірлер: 126

@Jazzwealth 3 ай бұрын

Thanks for watching! What'd you think of the data presented? Let me know! :)

@brucesmith6868 3 ай бұрын

Very interesting I know the numbers changed from year to year so it's great to be up to date.

@austinbar 2 ай бұрын

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

@rogerwheelers4322 2 ай бұрын

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

@joshbarney114 2 ай бұрын

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

@FabioOdelega876 2 ай бұрын

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

@joshbarney114 2 ай бұрын

I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@FabioOdelega876 2 ай бұрын

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

@Duttonmuffins 22 күн бұрын

I’m 55 from Southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management.

@Frankweily 22 күн бұрын

I'm glad to connect with another Buckeye! The comfort of your retirement depends largely on your chosen lifestyle...

@Madridstrat 22 күн бұрын

I would consider getting money management just in case. You're only 55, and while the average life expectancy in the US is 77.5 years, many people live well into their 80s. So, that $1 million has to last you through all of that and the unforeseen. $1 million is a great start though. Good for you!

@Brightenedrim 22 күн бұрын

I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends

@Cottoncandyh 22 күн бұрын

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

@Brightenedrim 22 күн бұрын

'Melissa Elise Robinson' is the advis0r I use. Just research the name. You’d find necessary details to work with to set up an appointment.

@bryankeizer1677 3 ай бұрын

Thank you for the information. I'm below the mean for my age group, but considering I had a negative net worth and no saving about 7 years ago. I'm on the right track and improving.

@Jazzwealth 3 ай бұрын

That's ok! Keep going and slowly improving your situation! Nicely done 💪

@philb6079 3 ай бұрын

I'm 43 with 300k in retirement. Net worth around 500k. I want to retire at 55 but I also want to enjoy myself before I get 2 old.😊

@Jazzwealth 3 ай бұрын

Nicely done! There's a delicate balance there in your decision making! Congrats on the success! :)

@bruced.370 Ай бұрын

Also, you never really run out of money because you always get SS and you expenses decline as you age so financial people like yourself should do a full disclosure on this topic.

@rosemaryvp 3 ай бұрын

I did not get one of those! Sadly, the median is more representative…

@joshfox73 3 ай бұрын

Really enjoy your videos - thanks for keeping me on top of what we need to do and where we are at as we approach retirement. Looking at my wife and I individually, my retirement (401K / ROTH IRA) is in line with the average but not sure how to categorize my wife. Most of her retirement will be a pension(defined benefit), and her current balance if withdrawn today would be just a little above the median amount but projecting ahead a couple years, when she is eligible to retire, her monthly benefit amount once retired will be significantly higher (roughly 5-6 times) than what her current balance would produced in retirement income if it was in a regular 401k. I regularly watch your videos as well as some others as my wife and are closing in on retirement (hopefully early) and sometimes it is tough to quantify the pension in terms of "how much we have saved for retirement"

@InfoSecSeeker 3 ай бұрын

No closing beat today?

@tommyforet8069 3 ай бұрын

Throw the surveys in the trash. Except the one required by law. Something about how many people in household. Sometimes even throw that one away by mistake. They already know how much I have. Thanks for the info

@Jazzwealth 3 ай бұрын

Ha! Totally understand that. Thanks for watching!

@stephenlogan184 3 ай бұрын

Age 52: $750,000 retirement Wife 52: $600,000 retirement Paid off Rental property Net worth: $2.5M,

@Jazzwealth 3 ай бұрын

Yes! Nicely done!

@bz.B 3 ай бұрын

I'm 48, based on those numbers mentioned in the video, my number is below average but above median and I'm one of your clients. Guess I should talk to Dustin about my numbers then 🤨

@SprintTri57 3 ай бұрын

I retired last year age 56. Net worth 1.4 million: 30% home value, 60% equities & 401K, 10% cars, etc. 68K pension (not included in net worth). No debt. No mortgage. What is so strange was how easy this was to do off an OK income, wife only worked part time and did not work for ten years to raise the kids, vacationed, had nice things. We were just consistent with smart purchases and avoiding credit card debt and stupid coffee shop money suckers, made our lunches every day and avoided name brand clothing as reasonable, etc. Also tried to pay cash for large purchases. Also always maintained at least six months of emergency funds. Now that is up to three years spread out in high yield savings and money market accounts

@Jazzwealth 3 ай бұрын

Great job! And congratulations! Definitely ahead of the game according the Feds survey. Sounds like you were diligent & strategic in your planning. Thanks for adding your input!

@kevinloersch8402 3 ай бұрын

Do you mean you are receiving a pension right now of $68,000 a year?

@SprintTri57 3 ай бұрын

@@kevinloersch8402 correct. But it does not have a COLA

@jameshuett2559 3 ай бұрын

I'm below where I should be, about 1/2. But I'm not in a 1 size fits all category either. I'm 50 and haven't been serious about savings until my father's death 2 years ago. Since then I've been doing much better. 15% in a 401k, $14,500 in a Roth IRA. My employer provides a 401E (not sure what the "E" is) into which they deposit $2 for each hour worked (not bad eh?). We also have a pension.....for now, it's been diminishing for years. But my kicker is that I'm a disabled vet and have money coming in for that. Also i should be out of debt by the end of the year, no house/car/loan payment of any kind. So I think I'll be ok.

@user-kh1eq5dr2z 3 ай бұрын

Im 52 wife 52, 1,200,000 right now in 401k and both of us will have a pension when we retire. Hoping to retire at 55-56!

@larriveeman 3 ай бұрын

simple the total coming in must be more then the total going out ( factor in inflation), fortunately I and wife have no debt, great federal pensions with health insurance at the employee premium + medicare, not taking SS until FRA + Va disability payments, wife took SS at 63 10 months. Not touching IRA/TSP other then Roth conversions

@July.4.1776 2 ай бұрын

The median of $185,000 for age 55-64 using the 4% rule = $7,400 a year.

@damontolhurst 3 ай бұрын

It always surprises me that people seem to think "average" and "(arithmetic) mean" are the same thing. Mean, median, and mode are all forms of averages. If we're going to get into distinguishing the forms of "average," we should use the technical correct terms and refer to mean and median.

@cherylhills3227 3 ай бұрын

I'd be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, l earn around $120K per year but nothing to show for it yet.

@crimsonpearl4686 3 ай бұрын

I am 61 1/2, single, no kids and NO debt, with $975,000 so far in retirement savings and plan to work 2 more years till retirement and I am projected my monthly expenses in retirement to be right around $3500-$3600. My current salary is $76K and I am savings 32% of my salary toward retirement. I seem to be in MUCH better shape than the average.

@daw7773 3 ай бұрын

So what Scammer. SMH

@crimsonpearl4686 3 ай бұрын

@@daw7773 upside down, its all the same.

@everettcalhoun8197 2 ай бұрын

Why are you working for 2 more years. Retired at 55 with $375,000 in my retirement funds, have 5 children, divorced twice and at 70 plus have approximately 1 million in my retirement account now. Applied for SS at 70 and it takes care of my financial needs so my Roth can really grow now. Being able to make money in any market condition is the key to a wonderful retirement.

@bigradwolf5001 28 күн бұрын

@@daw7773 Why tag him as scammer. He doesn't have kids. Once he have kids, that's $300K less for each kid from his $900K.

@crimsonpearl4686 26 күн бұрын

@@everettcalhoun8197 I find that hard to believe.

@Steelblaidd 3 ай бұрын

Above median but below average at the early end of 45-54 cohort.

@Jazzwealth 3 ай бұрын

Not bad! Still on the early end and plenty of time to get ahead! Nicely done!

@mandypdx 2 ай бұрын

I just turned 47 and had never contributed to retirement myself until last year… thankfully my employer puts in 6% for me and it has a balance of just under $500k. My biggest focus is paying off the $420k i have left on my mortgage and maxing out my 457b (and maxing ROTH IRA via backdoor). I am also “fortunate” that i inherited 6.25% of a commercial building 10 years ago and my share of rental income is about $2.5k/mo and increases with lease renewals.

@mattbleiler7294 2 ай бұрын

Is this household or individual?

@tannerd.6870 3 ай бұрын

Age 29, above average and median for 30-40

@Jazzwealth 3 ай бұрын

Hey great job!! 💪

@dacianbonta2840 3 ай бұрын

yes

@Jazzwealth 3 ай бұрын

Yes yes

@dfh7961 3 ай бұрын

Age 59 1.6 retirement net worth 3.2 no debt

@Jazzwealth 3 ай бұрын

Great job! Nicely done! 👍

@gcburkett 2 ай бұрын

There must many that are retired on less than average retirement savings, it would be nice to survery them. If they have adjusted their spending to the income they get it should be possible. The retirement savings being used for unplanned expenses. With retirement savings, I don't think its a normal bell curve distribution of assets.

@July.4.1776 2 ай бұрын

The median household net worth is less than the cost of a home in many jurisdictions. 😬

@risingphoenixbronco5328 Ай бұрын

Lots of people use their homes as a cash machine and regularly raid it for necessary expenses like a new car, swimming pool and trip to Cabo.

@teddyruxpin7876 Ай бұрын

48 and wife is45: 1.5M in IRA/401K 2.2M net worth (just adding house) Looking to retire at 65 with 6M networth and 5M investments

@bruced.370 Ай бұрын

Expenses decline in retirement, not linear. You should factor that in based on BLS.

@user-ec6oy7qp8n 3 ай бұрын

Are these for individuals or households? I never know when people talk average retirement savings.

@Jazzwealth 3 ай бұрын

This survey went by household

@xlerb2286 3 ай бұрын

I consider myself a very average/median sort of person - in most things. But I did work hard to get into a good paying career and we have lived below our means this past 30 years. We're doing pretty good. We're in our very early 60's and we've got a bit over 4x the average, not median, retirement investments. Net worth, not counting our house we're around double the average. Was it worth all the hard work? Probably. There are things we haven't done that some of our friends did spend money on. For us they weren't worth the cost, other people will value those experiences differently.

@Jazzwealth 3 ай бұрын

Sounds like you made some tough decisions to get where you are now. Nobody said it would be easy, but it sounds like you were diligent with your work! Nicely done and congratulations on the success :)

@xlerb2286 3 ай бұрын

@@Jazzwealth Yeah, but making tough decisions in life is like investing. Make some good decisions early and they'll pay benefits all through life. I went into a challenging profession and school was hard. And those first few years of work were harder. But you figure things out and it gets easier as you go. That set me up for a career where living below our means wasn't nearly as painful as it could have been. Getting an earlier start also would have helped but I wouldn't trade that 10 years I worked with Mom & Dad in the family business for anything, even though money was pretty tight and I had to call it quits and go back to university.

@bigradwolf5001 28 күн бұрын

I'm taking care of retirement of 2 parents, 1 brother and his 2 kids, and 1 sister. So retirement of 1 person is $300K but I have 6 dependents so x 6, I need $1.8M.

@joselopeziii8776 3 ай бұрын

I’m 51 with 560k in retirement accounts plus 55k in brokerage accounts- 900k net worth 🤔

@Jazzwealth 3 ай бұрын

WAY ahead of the game compared to what the survey found. Nicely done! Congrats 🥳

@Holmart524 3 ай бұрын

Are these totals for one person or married couple

@Baseball11626 3 ай бұрын

It's per household. So it's a mix of one-person (never married, divorced) and two-person groups.

@wildfoodietours 3 ай бұрын

I'm a delayed gratifier and I'm happy to be above the median net worth of all ages.

@Jazzwealth 3 ай бұрын

Yes! Nicely done and thanks for your input 😎

@tcwaz 3 ай бұрын

My wife and I are 45. We have no debt, and are planning on retiring next year. 3 daughters, 21,19,17. I will also have a 70k annual pension. Net worth 2.7m Savings 1.9m

@Jazzwealth 3 ай бұрын

Sounds like hard work has paid off! Nicely done on the saving and the no debt! 😊

@voncilledemesa2075 3 ай бұрын

I’m right at the average for my age and I feel so behind.

@Jazzwealth 3 ай бұрын

Well hopefully these numbers help calm some worries! At the end of the day if you have a solid plan in place, then trust and follow that! 😊

@chael7997 3 ай бұрын

It's kinda good to know the general numbers, but each person needs to go full ancient Greek and 'Gnōthi sauton', or 'know thyself'. For me, that was knowing not to incur more debt where I don't need to (like buying a new car, for a new car sake), and to time having the house completely paid off when I am ready to retire. I actually already qualify for a decent pension with almost 30 years in education, but I still have some personal financial work to do. We have been luck enough to be above average in most cases, but we also detoured ourselves a bit taking in a few young men who needed a place to build from. So we will see where it all ends up, but I still stick to something my Dad taught me as a kid, and that is to "always pay yourself first". Then live on what's left over. At 55 now, I wish I had actually done more when younger. /ramblings 🙃 Now if they actually do the right thing on social security, that can change a lot for those who haven't had the mentoring and advice some of us were lucky to have.

@martinguldner3990 3 ай бұрын

I'm 48 years old and because of a $325,000 inheritance my net worth is above the median of Americans at all ages. What I have in retirement accounts is below the median for my age bracket. I'm a renter don't own a car since I work remotely from home. Only about 15% of my net worth is in a Roth IRA and Roth 401k. I want to be able to touch money if I need to before 59 1/2 in my taxable brokerage account.

@smh4crna 3 ай бұрын

I am 4x the average of my age group with a pension. I am good at 50yo.

@Jazzwealth 3 ай бұрын

I'd say you're doing pretty good! Nicely done! 💪

@brucesmith6868 3 ай бұрын

Always some Huge differences that they try to hide for different reasons

@rkw2917 24 күн бұрын

The next downturn is really going to hurt people in the 55 to 65 range

@jamesgibson4100 3 ай бұрын

Well the stock market being up will only help if it doesn't crash. Assume most everyone knows that if the market has a hard crash (as it will by the end of this year) you will find yourself with half or less of what you had in your savings.

@coreynelson9727 3 ай бұрын

I am 41 wife is 43. Combined retirement accounts in 699k. Have some properties. Net worth is 1.2million.

@Jazzwealth 3 ай бұрын

Great job! Above the average is a great place to be! :)

@billyrayband 3 ай бұрын

most people who are concerned about retirement are nearer the median than the average due the high wealth people having such large numbers pushing the average up. So if you middle class, never use the average numbers. If you are middle class with a good employment record, maybe two earners, your social security is likely much better than 1907/mo. Look at your statements available online, do not use averages for this, and do not take it at 62, wait till least 65.

@TripSoul10 3 ай бұрын

Age 39.25 with $150K in retirement plans. Contribute $18K -$20K annually. Annual Dividends of $2000-$3000 added to portfolio.

@Jazzwealth 3 ай бұрын

Nicely done! A little ahead of the game according to the survey!

@69RTR 2 ай бұрын

I’m 54 with 450k and humble home paid off. I looking to stop working next year and live off of 2,500 month. Is it possible?

@FirefightersFinancialToolbox 2 ай бұрын

It shows you the average doesn't mean Jack. Median is a pretty close indicator. Unfortunately most Americans are way behind. Its pretty sad.

@TonyBWO 21 күн бұрын

I’m 33 with 118k

@bobackerman54 3 ай бұрын

wish you had shown numbers (wouldn't have taken long) for someone starting retirement at 60 and 65 for the same AVERAGE and MEAN ...

@Jazzwealth 3 ай бұрын

Will keep THAT in mind! (For next time)

@Hybridflip-eg5hg Ай бұрын

Let me ask this question; if you were to get $4,700.00 a month pension for the rest of your life, no debt, own a house and paid off, you are 50 years of age…would you retire? Doing a survey and hoping to get 100 people to answer this question. Thank you.

@kytacomaguy Ай бұрын

Yes

@52CA 3 ай бұрын

I think all the savings data is skewed and not taking into account people who work public pension jobs.

@Jazzwealth 3 ай бұрын

This data comes from the Feds consumer survey, so it should be pretty random. It certainly could skew against that demographic though!

@user-lc7um8jo3c 2 ай бұрын

I am 61 wife is 56 we have 1.6 Million in retirement and Net Worth of 2.1 Million no debt. Retirement in a few years

@Jazzwealth 2 ай бұрын

That's fantastic! It'll be here before you know it. Nicely done on the savings success!

@andersstengaardjensen2208 3 ай бұрын

“Retirement accounts have GONE up as well”

@roderick.t 3 ай бұрын

55, married, no debt, $1.42M net worth not including residence.

@Jazzwealth 3 ай бұрын

Awesome! Nicely done and congrats on the success!

@teresamartim6173 3 ай бұрын

In 2024,don't set new year financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.

@rlturner17 3 ай бұрын

I'm above average for the 60s. Guess I should retire.

@Jazzwealth 3 ай бұрын

While not the main takeaway😅 , nicely done!

@rlturner17 3 ай бұрын

@@Jazzwealth lol, I keep threatening to retire, never think I have enough money! I'm gonna work forever!

@Wasteoftime10 3 ай бұрын

I have no idea where YOUR Federal Reserve numbers are coming from, but they are not even close to being accurate. The Total Median Retirement savings at the age of 62 is just $10,400. Thats it, and that for an entire household! The average is $325,000 which is totally meaningless in a society with such income and wealth inequality that is in the US, which has one of the highest wealth inequality in the entire First World. These number comes from the 2022 Federal Reserve SCF Survey.

@FantmVirus Ай бұрын

6500 families is non statistically significant

@kckuc310 3 ай бұрын

Those are really low numbers

@Jazzwealth 3 ай бұрын

They may be for those who are ahead of the game! But those are the numbers..

@JadeGabrielle-oy4fn 3 ай бұрын

How do most of you guys still make Money/Profits, even with the downturn of the economy and ever increasing life standards

@Motortiger05 3 ай бұрын

You said household survey you should make it clear. One person or household. Big difference. Otherwise your video is useless.

@Jazzwealth 3 ай бұрын

Thanks for your input. Will be more clear next time! Thanks for watching! :)

@randymillhouse791 3 ай бұрын

In South America you can live on social security and save money if you so choose. USA is over with.

@Jazzwealth 3 ай бұрын

Have a lot of people retiring down that way!

@Judyward1781 3 ай бұрын

*The corruption that runs through this administration is getting scarier. I feel for people with disabilities who are not getting the help they deserve. Anyone who is not investing now is missing a tremendous opportunity. Imagine investing $1,000 and receiving $4,300*

@megynbeths 3 ай бұрын

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

@Judyward1781 3 ай бұрын

Getting Megyn Beth to help me really helped me clear all my debts. I started with what I have left and it's been the best decision I ever made.

@user-yq8tc4tc2r 3 ай бұрын

You know, the fact that you say you "run out of money" is disingenuous. Still have SS coming in! Also, you don't fail - you adjust... like all the millions who retire with this kind of scenario. STOP FREAKING PEOPLE OUT!

@Jazzwealth 3 ай бұрын

Certainly not my intention to freak people out. I was simply showing the averages and tried to build a plan around that to see how it would play out. The plan almost worked and with a few adjustments I'm sure it could work! Thanks for watching and for your input! :)

@rayzerot 3 ай бұрын

We NEED people to freak out. We have way too many seniors complacently walking into poverty with nothing in their retirement accounts (a full 25% of new retirees). Having only SS in retirement is not something you should find acceptable user-yq8

@paradise6606 3 ай бұрын

I don't understand why men KZfaqrs have to talk fast or like they are shoving information down our throats. Would be such a better listening experience for all if they were conscious of how they sound to the listening audience.

@Jazzwealth 3 ай бұрын

If you're saying that I talk fast, then you are the very first person to say that I do so. I apologize for that. It's important to know that you can speed up/slow down any youtube video by clicking the settings icon and selecting the playback speed to be faster/slower! :)

@paradise6606 3 ай бұрын

@@Jazzwealth I'm aware of changing the speed on the computer, but then it is like listen to someone in slow motion. Just talk as if you are have a two way conversation with someone. Allow your audience to digest what you are saying. So many male KZfaqrs vomit word salad to the listening audience, and it's annoying. As if they think they are smarter, because they can talk fast. Try and be better than that. Other wise it's like being around a hyped up child who needs Ritalin.