The average retirement savings for American households is $87, 000, with the median savings for Americans younger than 35 being $18, 800. The average household reported a retirement account balance of $333, 940 and a net worth of $1. 06 million in the 2022 Survey of Consumer Finances (SCF). Retirees can expect to spend 70 to 80 of their pre-retirement income in retirement, according to one rule of thumb. Older Americans spent an average of $57, 818 in 2022, but about 40 of them have already retired.
The average household retirement savings vary from $30, 354 to $413, 814, depending on the age group of the family head. The median retirement savings are highest among a group of 55 to 64 years old ($134, 000), whereas the median American adult had $13, 000 using a strict reading of retirement savings, and $29, 000 with the more expansive definition.
The average household retirement account balance in 2022 was $310, 792. 90, with those 55-plus having the most in their accounts. The recommended retirement savings at age 40 is 3X annual income, meaning that a 40-year-old making $45, 000 a year should have up to $135, 000 (three times their income) saved in their retirement accounts. The average household retirement income in the United States is $27, 617, according to an analysis by Wisevoter of data from the U. S. Census. Understanding the average American’s savings by age can help individuals find out where they stand in terms of their retirement savings.
| Article | Description | Site |
|---|---|---|
| What’s the Median Retirement Savings by Age? | The average retired worker gets $1,906 a month as of December 2023.27. If you have a lot of debt that you can’t pay off before you retire, or you want to travel … | synchrony.com |
| Average Retirement Savings by Age | In 2022, the average (median) retirement savings for American households was $87,000. The recommended retirement savings at age 40 is 3X annual income. As of … | guardianlife.com |
| Average Retirement Savings By Age | Average retirement savings benchmarks can show how you compare with others. Check out these broad retirement savings estimates by age bracket. | edwardjones.com |
📹 This Is The Average Retirement Income (Unexpected)
This Is The Average Retirement Income (Unexpected) What is the average retirement income? It’s well known that many people …
How Much Money Does A Family Have In Retirement?
The average household retirement savings in the U. S. stands at $49, 130, with a median of $18, 880. According to the Survey of Consumer Finances, around 50% of families with heads under 35 have retirement accounts, including IRAs and employer-sponsored accounts like 401(k)s. For Americans overall, the median retirement savings is $87, 000, while those younger than 35 average only $18, 800. Despite 67% of Americans possessing retirement accounts, only 34% feel adequately prepared for retirement.
Traditional beliefs suggest that expenses decrease in retirement as work-related costs decline. Hence, financial planners often recommend that individuals save 7-8 times their combined annual income for a secure retirement.
The average retirement account balance for families is significantly higher at $333, 940, driven by the wealthiest households. Financial experts suggest that by age 30, individuals should aim to save at least 1x their salary, growing incrementally to 10x by age 67. Individuals aged 55 and older typically have the most substantial savings. Understanding retirement income needs, which may include Social Security and savings, is crucial for ensuring a comfortable retirement, with a general guideline recommending to replace about 80% of pre-retirement income.
What Is The Average 401K Balance At Age 65?
According to Vanguard's analysis of nearly 5 million accounts, the average 401(k) balance for retirees aged 65 and older is approximately $272, 588, while the median balance is significantly lower at around $70, 620. This disparity suggests that average figures may be skewed by higher-income earners with larger accounts. The Federal Reserve provides varied average balances categorized by age, and Fidelity Investments also shares similar data. As of May 2023, the Bureau of Labor Statistics cites the average annual wage for Americans at $65, 470, implying a need for substantial retirement savings.
Specifically, the average 401(k) balance declines with age; for individuals in their 70s, it stands at $428, 434 with a median of $104, 072. Despite reaching retirement age around 65 (63 for women), balances often decrease thereafter as individuals start to withdraw funds. Vanguard's data further indicates that for those aged 65 and older, the median balance is just $88, 488. For a robust retirement, individuals should strive for savings near or exceeding the averages noted, which vary by age, with the average amount for those in their 60s being $239, 900, highlighting the importance of strategic retirement planning.
Is $1000000 Enough To Retire At 60?
If you earn $100, 000 annually, aim for $800, 000 to $1 million in retirement savings by age 60, though this is merely a guideline. Your actual needs may vary based on living location, healthcare costs, and lifestyle preferences. A retirement income of $40, 000 a year can be derived from withdrawing 4% of $1 million, which might not suffice for everyone, suggesting the need to reassess savings goals. Using retirement calculators can help estimate your retirement income and sustainability.
While $1 million is a significant achievement, its adequacy hinges on individual circumstances such as expenses, lifestyle, and other income sources like Social Security. For a comfortable retirement at age 65, that amount could yield an income of $60, 000 annually for singles or $77, 000 for couples, factoring in the Age Pension. However, if you have only $100, 000 saved, withdrawing $4, 000 annually would be insufficient for most people. Generally, target having roughly eight times your current salary saved by age 60.
While under the right circumstances, $1 million can support retirement at 60, elements like expenses, health, and location play critical roles in determining its sufficiency. Ultimately, personal factors greatly influence whether it's adequate for a comfortable retirement.
How Much Money Does A Household Have In Retirement?
The average household retirement savings in the U. S. stands at $141, 520, with a median of $45, 000. Nearly 62% of households led by someone aged 67 and older possess retirement accounts. In comparison, American households generally have median retirement savings of $87, 000, whereas those under 35 average just $18, 800. As of May 2023, the Bureau of Labor Statistics indicated that the average annual wage was $65, 470, suggesting that individuals should aim for six figures annually to retire comfortably, especially in high-cost areas like Hawaii.
Retirees are generally advised to budget 70-80% of their pre-retirement income, with older Americans spending $57, 818 on average in 2022. The 2022 Survey of Consumer Finances reflected an average retirement account balance of $333, 940, with the wealthiest households primarily being those aged 55 and above. Fidelity recommends saving 1x salary by age 30, 3x by age 40, and progressively more as one ages, with a target of 5. 5 to 11 times one's salary by retirement.
Retirement-age men had median incomes of $31, 220 compared to $27, 350 for women. Overall, median retirement savings reflect significant disparities across age groups, emphasizing the importance of consistent saving strategies.
What Is Considered Wealthy In Retirement?
Rich retirees, particularly those in the 90th percentile, possess a net worth starting at $1. 9 million, affording them significant financial freedom for luxuries and legacy planning. Schwab's 2024 Modern Wealth Survey indicates that Americans now perceive a net worth of $2. 5 million as the threshold for being considered wealthy, up from $2. 2 million previously. Finance expert Geoffrey Schmidt highlights that individuals aged 65 or older require a household net worth of $3.
2 million to be deemed wealthy. Financial experts often consider a retirement net worth of at least $1 million, excluding primary residence value, as the baseline for wealth. Becoming wealthy entails having assets that exceed liabilities, generating sufficient income to cover fixed expenses. The distinction between millionaire and wealthy has evolved; now, high-net-worth individuals (HNWIs) are the focus. To belong to the top 1% of retirees, one needs a staggering net worth of $16.
7 million. The financial landscape shows that having a higher net worth equates with greater spending power, often linked to estate planning and luxury living. In summary, the criteria for being rich or wealthy continues to shift, reflecting contemporary economic realities.
What Is The Average Retirement Savings For All Families?
According to the 2022 Survey of Consumer Finances, the average retirement savings for American families is $333, 940, while the median stands at $87, 000. Retirement savings vary significantly by age, with individuals aged 55 and older having the highest balances. For those under 35, the median savings is just $18, 800, whereas households aged 65-74 have median savings of $200, 000. Overall, while 67% of Americans have a retirement account, only 34% meet recommended savings levels.
Fidelity's guidelines suggest that, by age 67, an individual should aim for approximately $645, 700 in retirement savings. Despite the averages being skewed by wealthier households, the typical adult's retirement savings remain lower, with data indicating an average of $310, 792. 90 in broader savings definitions. The Federal Reserve's findings reveal that the average transaction account balance combining checking and savings was $62, 410 in 2022.
Additionally, recent surveys highlight that the ideal retirement savings target has risen to $1. 46 million. Overall, while retirement savings trends show growth, significant disparities exist across different age groups, leading to varied financial preparedness among American households.
How Much Do Americans Save For Retirement?
The median retirement savings for American households is $87, 000, with younger Americans under 35 having a median of only $18, 800. While 67% of Americans possess a retirement account, only 34% believe they are on track for retirement. Planning for retirement is deeply personal, influenced by lifestyle choices and local cost of living. According to Fidelity, a common guideline is to save a percentage of annual income. In 2022, 46% of households reported retirement savings, with 26% having over $100, 000 saved, and 9% exceeding $500, 000.
The Federal Reserve's data indicates that the average American has about $333, 940 in retirement accounts and an average net worth of $1. 06 million. The average retirement savings per age group shows growth, with significant savings differences among generations. Research reveals that the typical American adult has $13, 000 saved, rising to $29, 000 with a broader definition. The average monthly income for those aged 65 and older is $6, 271, primarily from Social Security and personal savings.
It is suggested that individuals save between 10% to 15% of their gross income, starting in their 20s, to ensure adequate retirement funds. Overall, many Americans appear unprepared for retirement, with significant disparities based on age group.
What Is The Average Retirement Savings By Age?
The average retirement savings vary significantly by age, with overall household savings averaging $333, 940. Savings peak for individuals aged 55 and older, who typically hold larger balances. As of 2022, Americans aged 65 to 74 report a median retirement savings of $200, 000, while those under 35 have averaged $18, 880. Fidelity recommends savings benchmarks based on age and income, advocating for 1. 5 times one’s salary by age 35, three to six times by age 50, and six to eleven times by age 60.
The median 401(k) balance shows substantial disparity, with averages of $85, 619 for those in their 20s and $183, 623 for those in their 30s. The statistics indicate a clear trend: retirement savings increase with age, reflecting both income growth and time to accumulate savings. Reports by the SCF note a median retirement account value of $87, 000 across various age demographics, highlighting the impact of lifestyle choices and cost of living on these figures. Although broader net worth assessments provide context, the focus remains on retirement funds, underscoring the importance of planning for financial security in later years.
Is $600000 A Good 401K Balance?
If you plan to retire at 62 with $600, 000 saved, you can manage an annual withdrawal of $24, 000 in Year One, increasing with a 5% annual return on your investment while facing 2. 9% inflation. Under these conditions, your savings could effectively last for 30 years in retirement. According to Fidelity, the average 401(k) balance as of March 31, 2024, varies widely, influenced by age and current salary. The overall average 401(k) balance is reported at $134, 128, while those in their 20s hold substantially less.
Fidelity also indicates that the average 401(k) balance was around $106, 500 at the end of 2023. It is crucial to set savings goals and consider your financial status, which includes your age and projected retirement age. A useful benchmark suggests accumulating three times your salary in your 401(k) by age 40. Thus, if your salary is around $45, 000, you should aim to save $135, 000. For someone earning $60, 000 nearing retirement, $600, 000 is a sufficient target. Generally, retirement savings benchmarks assist individuals in evaluating their financial preparedness against their peers while emphasizing the importance of early and consistent savings.
How Many People Have $2000000 In Savings?
Aiming for retirement with $2 million puts you in an elite group, as only about 3. 2% of retirees possess over $1 million, and just 0. 1% have $5 million or more. A Northwestern Mutual survey indicates Americans believe they need $1. 46 million for a comfortable retirement, a figure that has surged by 53% since 2020. However, many receive minimal guidance on how to effectively plan for retirement, often only being advised to save more. For those leaving the workforce at 55 with $2 million in assets, a well-thought-out financial plan is essential.
Comparisons show that higher earners typically have over $1 million more in retirement savings than lower earners, which skews average figures. In stark contrast, the median American household has merely $11, 700 in savings, with 29% owning less than $10, 000. Among retirees aged 70 and older, just over 10% have saved a million or more, while the majority average under $200, 000. It's crucial to understand personal expenses to ascertain if retirement savings will suffice. Financial calculators can assist in estimating how long savings will last, but consulting with a financial advisor is also advisable for tailored retirement planning.
📹 Average Retirement Savings by Age 60. Are You Ready to Retire?
——————————————————————————————————————————– *ABOUT ME* I’ve always been …
You have some fantastic content on your website. At 53 years old, my wife and I achieved a net worth of $1 million back in 2017. Fast forward five years, and it has grown to $2.4 million. Despite our combined annual salary of just over $100,000, we have adopted a frugal lifestyle. We continue to drive older cars, prepare meals at home, and make use of leftovers. Additionally, we have two children currently in college. Fortunately, we had saved for their college expenses, and they are contributing by working part-time. As a result, they will graduate without any student debt.
I retired at 53 now, 55. I have close to a six-figure portfolio, 70% income uk 🇬🇧 stocks, blue-chip companies, the rest in growth etfs sp500 nasdaq global technology, etc. I still like the growth aspect of investing but as my grandkids would inherit all this how best does all this get best managed for better returns?
In recent weeks, lnvestors have become concerned that Nvidia has simply come too far, too fast, and they are wondering whether the hectic pace of AI adoption could continue. Nvidia answered that question with a resounding “yes,” but given the stock’s parabolic gains, blockbuster results simply weren’t enough.I’m still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas…
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube website, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Nice article coverage with trading, technical analysis skills alone are not enough; discipline and emotional maturity are also crucial for success. The saying “time in the market vs. timing the market” is a good mindset to have during market fluctuations. Thanks to Shea Ardolf’s insights, daily trade signals, and my dedication to learning, I’ve been increasing my daily earnings. Keep it up!
I started putting away $700 month at 30 years old. I did this religiously for 19 years, then stopped. Im currently 54 and have 550k saved. I project out that I should have at least $1.5M by the time Im 70. $2.2M if Im lucky. Thats more than enough. Moral of the story…start young, stay consistent, and make it a priority.
50,000 a year???? I didn’t even make that in my life. I’ve been retired for 5years now. My house is paid off, 2 cars are paid off. With my social security, Teamsters pension, and working part time, (for fun) no credit card debt. 39,000 a year works great, Make sure you don’t have any debt when you retire. Just my opinion. Thanks for posting.
Well, I’ve got my $75k emergency fund sitting pretty, and now I’m supposed to figure out this whole retirement income thing? Yeah, cool. No pressure. 😅 Guess I better stop pretending like my piggy bank’s going to magically multiply and start investing. Anyone got a headstart guide to make me feel less like I’m about to set my cash on fire?
No retirement fund at 45 Y/0. My only passive income are rental properties, $6.5K monthly pension + healthcare after 25 years in the military; the process was sacrificial and painful; but, well worth it. A blessing in disguised; while my high school buddies refer to it as brainwashing; now, I play while they pay into the system for another 20 years. American Dream exists; just need to put in the time in the right place; with due diligence. Good article Sir! All the best everyone..
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.
My wife & I are both 78 & retired from jobs that paid pensions! When companies reverted to 401k, 403b & IRA’s in the 1980’s, I knew it spelled the “beginning of the end” to defined pension plans! These companies are responsible for the current financial crisis that senior citizens now face! With inflation running amok, Americans simply can’t save fast enough to retire comfortably!
The healthcare bit is critical. So many people I know are planning on retiring when they are Medicare eligible because of the cost of health insurance. I’m looking at retiring early (under 60) next year. I am not making a lot of money, but enough that subsidies wouldn’t really help, so CORBA/work health plan extensions are looking to be the cheapest for me… Those are looking like they are about $1k per month. $12k per year. If someone is looking at retiring 7 years before they qualify for Medicare they’d need around $84k just for health insurance. If I didn’t have the extended work health plan options, then I’d be looking at more like $1300 per month thru the marketplace. Now, it can get less expensive if you are making way less as there are the healthcare subsidies. And if you are making way more, you probably don’t care. But if you are doing just OK financially, you get nailed with healthcare costs. And that type of thing can definitely affect someone’s decision of when to retire…
Hubby started reading about self managing investments 10 years prior to retirement- he read the Financial Times commuting to/from work so in effect was studying 10 hours a week for 10 years. This has saved him 1-2% of his investments pot which is the cost of paying a fund manager… so he’s able to use 4% as drawdown as mostly the pot’s dividend income has been 6-9% so his pot has actually grown since retiring 5 years ago.
to understand the retiree financial status one must FIRST back out all those who never worked or never worked full time. Although these people are “retired”, their lack of work obviously skews all data. The more you earn, the more you pay into SS and the more you would have been able to save and invest. Personally, I don’t feel sorry for those who have done nothing to plan for retirement. Stupidity should not be rewarded.
I saw people struggling with retirement when I graduated high school in ’83. I went the military route and stayed just over 20 years and retired at 39 from that gig and then went LEO. retired fully at 56 after another 17 years with a safety pension and what amounted to a pay raise at retirement. Both have COLA and are not directly affected by stock market fluctuations. We don’t even come close to tapping the 401K which means we have a large chunk of money if we need it for some reason. I saw way back in 1984 that SS wasn’t going to do it even if it was still around and relying on just savings or investments could be stressful. For me it was all about early planning, sticking with the plan, and now enjoying the fruits of the labor while I’m young enough to do everything I want to.
Just retired this week, turned 57 earlier this month, I am getting a $3,500 monthly pension from my job, health care for life, and I have over 1 mil in my 401k, virtually no debt, and plan on collecting SS at 62, it wasnt easy but I see so many people just make up excuses instead of finding answers or making a plan.
I retired early in Sept. of 2021 from an Auto and Home Insurance Company after 22 years of service. My company had both a 401-K and a 401-K Roth. I was putting 15% and 8% into my 401-K Roth. After 5 years I took out and paid off my debt of $12,000 and put the rest in my savings. I receive SSI, Pension, and Rental income from a Condo I own. Monthly comes out to $3400 a month. But I also have not touched my 401-K for 24 years now, and lately it has been growing like crazy. Last week I made $6000.00 in one week. You have to diversify; you can’t have just one stock.
I getting very tired of hearing individuals bashing the American Dream. Everyone can achieve the American Dream and it takes dedication, focus, financial discipline, adaptability, ability to strengthen one’s skills and talents, make logical decisions and choices and no matter what happens never give up after failure! Nothing is perfect and doing nothing or standing still instead of slowly progressing forward is the issues in life. Life has multiple trials and tribulations that everyone goes through and yes they are harder then most that goes through them but as time goes on through the journey of life it gets easier! Nothing is impossible in life but it takes sacrifice of time and patience to hold off on the wants for a later date. Everyone has a different path and everyone has different solutions and thoughts that solving the same problem that they all faced. The solutions are choices and commitment to overcome any situation that is facing at any point in life! My point is the American dream is not dead or unachievable unless the dreamers allow it to be!
My outlook on money changed when I realized someone making $300,000 can retire broke & someone making $80,000 can retire a multi-millionaire. Living within your means and living a frugal lifestyle is the first step to financial independence. I just hit the one million mark last year, cheers to everyone striving to get there someday. Thanks to Katherine Stewart for improving my portfolio.
Oh my…as a CNA with triplets…and husband that returned to his home country and left us to our own resources, with no insurance, pay or insurance…I should have how done better than I did…should have stopped work to advance my education? Moved from my 2 bedroom house in a lower income area? Not have helped each of my daughters to complete higher education…well my my my
I firmly believe that retirement savings are less significant than investing $50,000 to $100,000 in the appropriate company before it becomes well-known. But choosing the perfect business is really difficult. I want to put the $200k I have in a high-yield savings account. Which opportunities are the finest right now?
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
My wife and I are living off SS and small pension (total 1725 a month), and doing well, partial disabilities are keeping us from returning to work. She is in her mid 40s and has a rare progressive neurological disorder with no cure or treatment that is already rated as severe, and yet they say she’s not eligible for disability. We live in a state that cuts of most assistance to individuals under retirement age that aren’t receiving disability. My wife worked full time till she was 41, she’s not a lay about.. But we have learned to live quite well on what we get.
Given the persisting global economic crisis, it’s essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
As a single 65 year old, I could easily live on 2700 per month and still have enough to put in savings or invest. In my opinion, people overspend, which is their own problem. I eat well, have my car paid off and rent rather than buy. I stay healthy and am on no meds. I am NOT in a low expense area, but Spokane, WA. A lot plays into the whole thing, but I think learning to spend less and wiser is the key. I am still working and sock as much as I can in my matching 403B, Roth and other accounts. Also debt free. The least I spend, the more I invest. Just my own thing, not saying it is right for everyone!
4:00 time mark: Difference between age 65 income vs. age 65 expenditures. THE REASON IS THAT THERE IS A DIFFERENCE BETWEEN WHO IS BEING COMPARED HERE. Median age 65 income is the middle-of-the pack income. Average age 65 spending is the average amount spent by the entire group … and this factor is decidedly shifted because of a small percentage of high wage earners/high spenders. You are comparing apples with oranges.
I worked at Walmart for 15 years and was able to save a gigantic nest egg with meager wages. It took living below my means for years. Dollar cost average purchasing index funds. Brought my lunch and breakfast to work and drove the same plain vehicle. Resist the power and influence of consumerism. Pay your future self first.
New subscriber and I am sharing my story. My age is 55 and I have zero debt, 110k in the bank, 35k NVDA shares, 401k $270k, IRA 145K and 2 houses in Bay Area with zero mortgages. Just got a Mercedes SUV as my 3rd car. I started saving after marriage only after marriage but will all this be enough to retire?
I could have retired at 53 but decided to work part time as I’m way to young to be retired. What made me decide that I’m way to young to fully retire was I knew of a guy who sold his company to a mega corporation for ten million dollars at the age of 25. Before he was 35 he self ended his self because he saw that he had no purpose in life. I have no goals in retirment so I keep working until something else comes along for me to occupy my time.
While most of the premise to the article seems logical, I disagree with some early statements. First the article talks about the number of people who depend on social security as their only source of income, and how it was not intended to be the sole source of income. Fine… but the percentages given, represents a relatively small percentage of people in this group. But then it seems to disparage people who use social security as an important, “essential”, significant source of retirement income … what?? Why is that a problem? Except for pretty well off people, I think most financial advisors acknowledge social security as an expected, even important, “part” of a retirement income plan, and a percentage of income that people would depend on. Now of course depending on the person and their needs, the percentage coming from social security could vary widely – social security may be only 20% of a retiree’s budget or 80% of a retiree’s income budget. Granted some are depending on it more based on that percent – but what is wrong with people defining their needs, and all income sources that will go into their retirement income. While more diversification of income sources would be desirable, they’ll depend on all of those sources to some extent, right? More power to the people who are not dependent on any one of their income sources, but that will always tend to be the more affluent aka richer part of the population that have more – excess – funding set aside for retirement. A great goal, but somewhat of a luxury, unattainable to many.
We battle inflation by having permanent income that has a COLA. While those COLAs don’t always keep up with inflation, they help. And that permanent income lets us be more aggressive with our IRA, knowing we don’t need to rely on that income. I’m collecting my two federal pensions now, but we’re holding off on Social Security for awhile.
I bought a fixed indexed annuity with a guaranteed lifetime income rider I put $107,000 in and I am 64 years old but I’m not going to touch it until I’m 70 and then the income I will get will be equivalent to if I was withdrawing 4% a year out of 300,000 and this is guaranteed for the rest of my life and what I die my wife gets it for the rest of her life. This is a portion of my portfolio and when you put money in a annuity the company requires you have enough investments on the side to make sure you don’t withdraw money too early
This is critical – young folks must try to invest in good index funds put it on automatic. Never look at it. Ignore market noise. I watched cnbc and Jim Cramer and fast money for years. All they do is encourage trading. That is the wrong thing you can do. Just live life don’t waste time trying to beat the market when very few professionals can. Otherwise you end up regretting it decades later. Nothing is worse than regret
According to the newest Federal Reserve Survey, the Median Total Retirement Savings at the age of retirement is just $11,000. Yes…..$11,000. The undisputable failure of the working class saving for their own retirement over Defined Pension Plans has been an unmitigated disaster, and one of the contributing factors is that The US, with the exception of just Costa Rica, now has the HIGHEST Poverty Rate in all of the 37 countries of the Developed World. Any article that doesnt mention these failures is just promoting a failed system and does nothing to remedy these failures.
I often hear people talking about being retired on a “fixed income”. How is this any different than when they drew a fixed salary? In fact, a retired person’s income is less fixed as they can work to increase their income while those who are not retired would have to work overtime or take a second job. For a retired person, they can easily double their income by taking a job on top of SS and retirement. This expression (fixed income) is false and should be replaced.
This is by US adult, individually, correct? Not households. So if I and my wife are retired, to meet this number, we need $100,000- two adults. this is my interpretation of the presentation. It would be clearer if some of your cartoon time listed figures and a distribution curve. I already know what old people look like.
Too bad this is so generic and really doesn’t say anything other than the same stuff — save early and forever. The graphics were nice and the spiel was well delivered. However, if someone would actually have listened and did the save and invest method – they probably wouldn’t be perusal the article. They would be perusal articles on maximizing their retirement portfolio and what country to retire in to maximize their portfolio. I fit in the category of over 70 and still working. Phasing out work – nah. Not any time soon.
Most people don’t know crap about planning for a retirement. Everyone, including this article, concentrates on income in retirement. I will tell you, you are only looking at half of the equation. You should equally look at expenses in retirement and plan accordingly. Could you imagine having only your utilities, car/home insurance, and food in your retirement? If so, how much would you need? Plan both with planning and debt elimination. If you have debt, especially a mortgage or car payment, you are in no position to retire. Also, the idea of retirement. If you think you are going to embark on a non-stop globe trotting party without end, there isn’t enough money in the world for that crap. Be realistic, plan accordingly, and you will be fine.
I’m getting my financial affairs in order and starting to invest, but I’m almost 53 and starting from ’bout broke. Thus, my retirement plan is to keep working until my various medical problems and wage slavery become too much to bear and then, like John Cleese’s marriage counselor in an episode of “Cheers”, “kill myself in the most disgusting manner possible.”