Average Retiree Savings, Net Worth, & Income from SS - How Do You Compare?

What is the Average Retiree Savings, Net Worth, and income from SS - How Do You Compare?
Dave Zoller, CFP®
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Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.

[@jivefive99]

You need more medians and fewer averages

[@77magicbus]

Excellent video! Love that you encouraged people not to get too confident or depressed about their situation. Most important thing is our health and family and friends in this life. More dollars doesn't equate to more happiness. It just gives us more options.

[@user-ik2no7jw5g]

I really like your well-rounded positive approach to retirement.

[@mitchbandalan9450]

Always enjoy your videos. I will have 3 lifetime cashflow sources (Military, SS and Pension) which doesn't have a true lump sum so its always difficult for me to determine if I have enough since its not in traditional buckets other than my 401K (IRA, Roth, Etc). I had to use New Retirement software to feel good about what I have from a cashflow perspective. The tax process is what I need to focus on.

[@miragexl007]

Lol. These " averages" make people feel so good... Because of the large amount of low/no savers. Lol. I can't lie, makes me feel good to watch this stuff.

[@Bob-yh7ir]

Wow, so glad I saved and invested all these years. I am way ahead of the numbers shown here. Also my SS will be around 39K a year at FRA but going to take it a little early at 65 and get 36K. Our net worth will actually increase after we turn on SS because we will not need to pull so much off investments and they will grow.

[@bobackerman54]

Really wish you would focus on median instead of average ...

[@mahajansinchennai]

Great video, as always!!! Just to clarify, the "sweet spot" for Roth Conversion is from the year/age you retire until RMDs kick-in. This is the period when your taxable income is quite low.

[@howellwong11]

I'm 92 years old. I have a pension and SS of about 55K and it is enough to cover my expenses. My net worth is a million, so I'm doing pretty good. I started with zero.

[@donh8833]

Im more interested the median over the average. Those super rich super savers really throw the numbers off.

[@candecarro]

Yes, my parents thirty-five years ago gad a retirement nestegg of $100,000. They were very frugal their whole lives. But they traveled the world, played golf constantly and lived active full and social lives until the days they died. In their mid 90s. They left me and my 3 siblings $80,000 to share.

[@OwenDowling-l8d]

David, Your You Tube's are great, good info and well presented. Enjoying Retirement in NC. Owen D

[@BEAUTIFULDIANAFRANCIS]

The key to retirement is to Retire, and live a lifestyle that is condolement with your funds but you will need good financial planning.

[@Muriel-1112]

Very nice video man!!! Really appreciate all your contents

[@clbcl5]

4.5 hours a day watching TV, I do that before putting my pants on.

[@candecarro]

The bulk of medical cost (before adding in the actual “medical” expenses) is insurance.

[@Marcia-e2u]

Can you please clarify which statistics presented are per household and which are per individual? I am guessing SS is per individual but everything else is per household? Thank you

[@guzzi95]

Thank you for all your great Leaning Videos!

[@defariase]

Outstanding!!Thank yo so much for another great videoo. Cheers!

[@CalmPlains]

Good Info, thanks for the video. Many of the same accounts (with different names) and strategies exist for us Canadians.

[@carlosgarcia8770]

Devo. Thumbs up, all the way. Great advice.

[@mikejones-rc4lv]

Next yr we both retire. With your comments will likely delay my Roth conversion to have some taxed at lower rates after using cash to fund us in 2024. Thank you!

[@brucesmith9144]

Connecting with God in retirement is definitely a good strategy as sooner or later we all we will face him.

[@Kushy4702]

good description on the possible tax savings if lower income and then possibility of transferring to a roth... It could have helped to actually use some numbers and different scenarios.

[@helomech1973]

Those medium net worth numbers are so low it is sad. I don't make 6 figures, but my net worth is 7 times the average. People suck with money. I made lots of dumb purchases in my younger years.

[@M1Fortunes]

Most engaging host with a tonne of fascinating statistical info

[@terrianderson9132]

Your videos are very informative. Will this same strategy work for those of us who retired early (I recently retired at 57).

[@hump1953]

I really liked this video…thank you…

[@bizzfo]

Roth IRA is not taxable

[@byronbuck1762]

Averages are misleading on balances. Median values are more telling

[@ashwinaditi1039]

Curious, I intend retiring/working much less in 5 years and keen to know best, how people split their pay, how much of it goes into savings, spendings or investments? I earn up to $180K per year, but nothing to show for it yet

[@vinyl1Earthlink]

Yes, if you have a lot of money in a brokerage account, you will receive qualified dividends and pay the 0% and 15% rate. You can live on this money without taking social security or take money from retirement accounts. However, if you try any significant Roth conversion, you will push all your investment income into the the 15% bracket, and you may be paying NII. You may also end up paying IRMAA as well.

[@johngill2853]

There is no 15% bracket

[@MichaelToub]

Great Video!

[@tamib64]

Mr. Zoller, thank you for your videos. They've helped me place importance on aspects of our future retirement that I had not thought of. I am wondering if you've addressed the numbers for net income after taxes and the costs of medicare, medicade and the different prescription plans so that we can plan accordingly. I understand IRMA, but not the bottom line with everything else. Anything clarifying would be beneficial. Thanks again.

[@miragexl007]

Why the joy, even with low worth? Mindset, haw their Job was/who they worked/dealt with, etc.

[@yannip2083]

Is this strictly $Cash savings or net worth (including house, etc.)?

[@bcook755]

Do the numbers apply per individual? What about couples, where both are drawing Social Security, for example?

[@Rob-me8vp]

When you take money out of your non Roth 401k do you pay income taxes plus capital gains taxes on the increased valuation of your investment?

[@fsm12385]

Great show new Subscriber can you convert an Annuity to a Roth ?

[@Muriel-1112]

Very nice

[@martywilliard]

Then there might be people like me that have multiple retirement work accounts that are not consolidated along with a separate post tax investment brokerage account and personal bank account

[@lewisr7700]

I almost feel guilty getting this information for free.

[@Utah_Mike]

Are the # you gave per household (2) or per person (1)?

[@hump1953]

I get a monthly pension of $1875 per month for life, fixed amount…should I consider this as part of my net worth?

[@jazzjokesjalopies]

Very helpful Dave, thanks.

[@stephenrasp4485]

Is this average or median?

[@Sue672]

How does the 0% LT capital gains tax for taxable income limit of 59,750 (HOH) work? If 59,000 income 0% tax on LTCG, and if 60,000 income 15% on the entire gains or some marginal tax scale?

[@susanrushin7002]

I assume these averages are per retiree vs. per household??

[@johngill2853]

Exercise .29? A day is terrible

[@garyxyz4400]

I always wondered where I fit in with my peers. Good to know I am average or am I unique?

[@clbcl5]

#2 retirement savings. What is the average if you remove the 11-12% of over 1 million? That would be a better look at the blue collar people.