Average Retirement Savings by Age 50. Are You Ready to Retire?

[@Parabola007]

Retired at 54 now 64 worth more now. Good luck

[@logicae4096]

Catch up contributions don't matter much unless you are putting in massive amounts of money... the power of compounding doesn't have much time to take effect.

[@charletfoster8917]

I feel that consistently investing each month, ppl will be fine👍🏿💵

[@HectorBailey-zi7du]

Retirement isn't an end goal, but a journey best secured by careful and consistent investments.

[@KatelynnCox-qb5er]

Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.

[@HaroldSimmons-mf3ep]

Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.

[@rodgertim2881]

That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.

[@rodgertim2881]

Do you mind sharing your financial advisor contact?

[@HaroldSimmons-mf3ep]

My CFA JOSEPH NICK CAHILL a renowned figure in his line of work. I recommend researching his credentials further.

[@carguyuk7525]

What other people have has no relevance. All it does is help justify having too little, which is not OK. What you need depends on your planned retirement ifestyle and part of thus is determined by your current spending behaviours. I have saved 700k in less than 15 years, and in the next 4 years, I hope to hit 1000k, although I may instead take early retirement.

[@dianediliberto1876]

Thank you.

[@YadaniL-g8k]

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

[@MagdaleneM-f3q]

That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.

[@jessicasquire]

That's quite impressive! Can you share more information about your financial advisor??

[@masterofnone2705]

Catch-up contribution wording is BS. Who can benefit from starting and maxing at 50? Waited until 50 for retirement because of catch-up saying? Very few maybe able to do so but most can not and on top of that is question where do they throw his/her money to what investment. Low cost investment? You are 50 and now throwing 30k into investment per year to where? With IRA, it's now 37.5k per year. If your house hold make 150k, just cut earning to 112.5k. Your significant other work too to get 150k? 37.5k x2 is 75k. Halve of earning goes to investment starting at 50. Catch-up contribution sounds like I can take care of my retirement at 50 but it's too late.

[@TheFirstRealChewy]

$537K in late 50s? I'd feel worried, especially if I won't get much in social security and have no pension. However, if it's possible to work until late 60s or 70 it should be fine.

[@durock0011]

I just turned 40 and I have more then that in savings. Really without much effort. I just learned how to analyze companies and make good investments as a long time buy and hold investor. This is what should be taught in school sadly it isn’t. Very close to becoming a millionaire and I put 100-150 a week into the market not rocket science

[@eplugplay8409]

@@durock0011I hit 1.2M net worth with 0 debt of any kind at age 38. Now 41, on my way to multimillionaire. Hoping to retire at 50.