Average Retirement Savings by Age 60. Are You Ready to Retire?

[@foundryfinancial]

Did any of the numbers surprise you?

[@jpdriver1967]

I don't believe they did. So many people fail to plan appropriately from their early 20s on. Without a pension, the average retiree will need some sort of retirement savings balance and be debt free to live comfortably in retirement with SS benefits. Life happens and emergencies come up...especially health. I wish our primary and secondary education institutions would do more to prepare individuals for the life's journey of personal financial planning.

[@nathanrice7352]

Do you know how these average/median numbers account for people with multiple 401k accounts? I have 3 different 401k accounts at 2 different providers. So my "Median account balance" would only be about $15k, my average account balance would be $30k, but my Total 401k Savings is actually $90k. Are these statistics corrected for that? I'm sure I'm not the only one with multiple accounts across different platforms. My situation looks bleak if you look at any one of them, but combined I'm doing just fine.

[@marktapley7571]

@@jpdriver1967The best thing that could happen to public education would be to get rid of the present system that is costing more per capita than anywhere else in the world while always at the bottom of industrialized countries. Most property taxes in most localities go primarily to fund the outrageous salaries and pensions of do nothing teachers, worthless coaches and deadbeat administrators. if this money were left in the pockets of the producers it would lift all boats. Is there some reason you could not instruct little Suzy and Joey about their finances?

[@foundryfinancial]

@@nathanrice7352typically when you see these numbers from Vanguard or Fidelity - it’s the average on their platform. The numbers hold up across custodians so they’re accurate, but only take into account what’s at their custodian. So not exact. The Federal Reserve number is more inclusive.

[@nathanrice7352]

@@foundryfinancial Thanks for the response! So it's a "By account" number, not a "By individual" number? IE, The Median 401k Balance is $xxx, NOT the Median Person has a 401k balance of $xxx?

[@bernie9728]

I retired 7 1/2 years ago. My wife retired two years later also at age 62. To date we have not touched a dime of our retirement savings. We are having zero issues living on nothing more than our Social Security. What's our secret? Simple, we retired debt free. Just remember it matters more how much you own than it does how much you have. It's a simple plan. Take care of your debt before you retired and eliminate money worries after you retire.

[@leisure057blank3]

@@phoenix3.057 although I never took home ec, I read Kiplingers and money magazines and signed up for tax deferred investing with my employer

[@marktapley7571]

If you and your wife are living just on socialist insecurity, even with everything paid off, you are living in a pretty austere situation.

[@marktapley7571]

@@phoenix3.057 Those are things you learn in the real work world not in the public indoctrination center.

[@Jane5720]

Totally different when you’re single

[@Shadow_Banned_Conservative]

@@phoenix3.057I'm in my fifties, I don't remember finance being taught in home economics. It was baking/cooking and sewing. I learned finances by helping my best friend's father with computer data entry when he was putting together his bankruptcy accounting. That terrified me to the point to where I said that will never be me. Because of that indirect lesson, I started saving pretty much on day one of my adult career after leaving the military at 25 years-old.

[@lacreshahicks]

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive. He was only 60 at the time.

[@KingRoh-t8h]

This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?

[@lacreshahicks]

Not really. Approximately four years before to my dad's retirement, our family was introduced to a financial advisor. That was the catalyst for the transformation. I believe my retirement income would be on the right track because I've been using the same advisor.

[@Rie.G-r3w]

I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@lacreshahicks]

I'm hesitant to make recommendations like this online so I can't drop her contact here, but you could look her up yourself and contact her if you wish. Her name is Grace Lorraine Austin

[@Rie.G-r3w]

Thanks a lot for the recommendation. I'll send her an email and I hope I'm able to connect with her.

[@crimsonpearl4686]

This is very encouraging for me. I am 61 1/2, single, no kids, and ZERO debt, currently with $960,000 in retirement savings.

[@foundryfinancial]

Depending on your spending, you sound in great shape.

[@crimsonpearl4686]

Thanks, my monthly expenses in retirement should be just under $4000.@@foundryfinancial

[@daveincv]

one more year to this may..little behide you just under $890.000 but going to go maybe 2yrs if i get these young guys to work on time.

[@markwick7898]

Go live , no kids you die tomorrow and at 61 those odds are high ….. go live before you regret it

[@crimsonpearl4686]

@@markwick7898Haha...the odds are high at 61 I will die tomorrow?? That's funny!

[@carguyuk7525]

Do worry what others have. Worry about what you need. Start saving early, small amounts and often.

[@thejohnbeck]

Missing "not" there

[@widehotep9257]

Also, it is usually much better to live a frugal life with little or no debt than to live an extravagant lifestyle with high debt levels, regardless of income. I'd rather wear moth-eaten underwear and eat out of a wal mart dumpster than toil in the rat race as a debt slave ever again.

[@KathleenMcNe]

Yes, start very early, live frugally, save aggressively, and invest strategically. This worked very well for me.

[@floydchusset3143]

Look, there’s a lot of investing options (real estate,airbnb,stocks,cr.ypto,ETFs) my best advice is get a pro who will lead you to a profitable one. I recommend you reach out to my CFA Laura Grace Abels . Hr method stands out from any other fiduciary i have come across so far.

[@floydchusset3143]

Look, there’s a lot of inves ting options (real estate,a irbnb, stcks,cr.ypto,ETFs) my best advice is get a pro who will lead you to a profitable one. I recommend you reach out to my CFA Laura Grace Abels . Hr method stands out from any other fiduci ary i have come across so far.

[@Buddygold9509]

I started my retirement plan on my first day in the workforce, 1975. Blue collar. Three girls and we never wanted for anything. Retired in 2019 with 1.8 million. Now it’s sitting at 3 million. New 3500 sq ft home on three acres in the country, no debt whatsoever. You have to make a plan early and stick to it. Don’t try to live above your means.

[@dukefan37923]

That "don't try to live above your means" is my motto lol. Actually mine is live slightly below your means. For instance, when me and my wife bought our house we were approved for X amount. In stead of spending exactly X amount, we spent 30% less and still got a really nice, brand new home. By doing that we were able to pay our house off in 13 years (at age 44). It's amazing the difference that mindset makes. People get fooled when they see someone with a huge home and expensive car. They think they have tons of $, when actually in most cases they don't. Every penny they have coming in each month goes to giving the appearance of having money and they end up having to work until they're 75 or never retiring.

[@kelvinjohnson4]

Perfect topic. I'm 3 years in retirement @57, did a good job in the accumulation phase with net worth of $3M+. The problem is I haven't spent any of it despite knowing I have no concerns of running out of money. Some minimalist traits that helped me save are not easily cast aside. I sense I'll be dead and gone with plenty of money left behind, but that was never a goal.

[@KelvinWallace]

I have a feeling I’m going to be in your boat too. I’m 52 and have $3mil socked away. I hope to retire as soon as next year. But I’ve been in a frugal savings mindset my whole life. That transition without feeling anxiety is going to be tough.

[@Markjohnson09]

Excellent video. I'm 63 and single with $2.3 million saved ($1.3 in Roth IRA). I bought a t-shirt for $80 last week. Today, I have five more t-shirts arriving. They cost $54/each. I grew up very poor (no toilet, shower/tub, bathroom until I was 10). I plan to move to Los Angeles in two years. It looks like I'll have to spend $1.5 million for a home. I'm trying to spend. p.s. I retired at 48. Problem: I have a 62 year old brother who doesn't own a home, drives a 20 year old car (as I do), has nearly $0 saved, and still works in a grocery store. He has a business degree, but never had a higher paying job. There's a 99% chance I'll be partially supporting him in a few years.

[@RichardBayer]

I'm glad I found this conversation. I recently settled a lawsuit and would like to talk to your coach about investing for my retirement.

[@Markjohnson09]

I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with “Marisa Michelle Litwinsky” for years and highly recommend her. See if she meets your criteria.

[@RichardBayer]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@RichVladd]

People are facing a tough retirement and it’s even harder for workers to save due to low-paying jobs, inflation and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.

[@leongrant7439]

Ain’t that the truth?

[@RitaMeyers-oc4le]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I’m concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I’ll have sufficient funds for retirement.

[@StuartFerguson-q2k]

It’s crucial to save at least 25% of your income in a 401k or SIPP. Joseph Nick Cahill taught me to estimate how much should be saved based on age and income. I’ve been with him for years now and his decades of experience in the market translates to chunks of financial value in so many ways.

[@BigCheckerC]

Impressive!! How can I contact this Advisor? My portfolio has underperformed, and I need guidance.

[@StuartFerguson-q2k]

My CFA, *Joseph Nick Cahill* is a renowned figure in his field. I recommend searching his name online; you’ll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.

[@quant36]

Arrived to the USA at 16, penniless, no English, no relatives. Now 60, married with kids, Institutional investor. Retiring in a few weeks.

[@NorthRiver-zw9lb]

Best of luck! Guess you have all your objectives met. Cheers.

[@naomiemoore5725]

Congratulations! 🎉🎉🎉🌺

[@8fconsulting147]

Only in America…..

[@redonionsyummy]

Congrats 🎉 enjoy the fruits of your labor and share with everyone why America is the land of opportunities..your story is important!! Please give back in this way! 😊

[@cybtb]

Amazing - great job!

[@sirheisenberg4459]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[@PennyBernadette]

I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.

[@vanessahopkins-g5y]

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

[@belobelonce35]

Mind if I ask you to recommend this particular coach you using their service?

[@vanessahopkins-g5y]

'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@PennyBernadette]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@einarreitz3571]

I retired at 53 with everything paid off. I tried playing golf, went fishing...and then got bored. I decided I wanted to drive a truck and be around people. I love what I'm doing..so why stop? Einar

[@JetFire9]

That’s awesome that you need a job to tell you what to do. I grew up and can manage my own life. 😂😂😂

[@ontheruntonowhere]

@@JetFire9 Don't be a jerk.

[@Patientflipper]

Retiring from my job at the latest when I hit 58 and spouse is 62. Hopefully will have the 500k in 457 and Roth’s plus a $50.000 pension. Spouse will collect SS at 62 and I have no issue getting a part time job to get out of the house. Wishing everyone the best in their retirement journey.

[@2012srp]

If you are debt free when you retire, you shouldn't have to get a part-time job with that retirement account and pension and SS.

[@FIRED13]

​@@2012srpdepends... What is his expenses?

[@danielmartin3249]

I really Enjoy Kevin’s videos. Seems like a good guy and the info is presented clearly.

[@foundryfinancial]

Thanks, Daniel!

[@TungTran-pp3tx]

Being debt free and own a place to live before retirement should be the focus.

[@BradCampbellmn]

All about expenses in retirement.

[@pjacksreads536]

Yes, I agree. Debt free is the best plan forward.

[@Robier1447]

I had that and my now ex husband destroyed it.

[@markwilhelm168]

I am 60 and I am done being an employee at the end of 2023. I guess I am one of those who help skew the average.

[@rothbj1]

Skew it, baby! 💰💰

[@juliem.3936]

Excellent idea to provide the more accurate median numbers. Thank you!

[@foundryfinancial]

Thanks!

[@l13712]

Another metric that could be informative would be to calculate the quartiles and identify the middle 50%. This excludes the top 25% and the bottom 25% from calculations.

[@christopherhennessey8991]

Thank God I have a pension and receiving both my pension and Social Security benefits.

[@robwastman4993]

My wife and I retired debt free multi millionaires and have not yet needed to touch our savings. I was thinking of buying a new truck but, the $70,000 price tag has me thinking my 20 year old Toyota Tacoma which runs fine, looks better everyday. Maybe We’ll go live in Italy for a few months instead.

[@mikem7903]

I’ve read one of peoples biggest regrets was not spending more of their money in retirement. You can’t take it with you. Have fun here while you can.

[@pearlperlitavenegas2023]

You're old a multimillionaire & too cheap to buy a 70k truck?😂 Your heirs will use your money to splurge on much more expensive cars, widgets, & stuff. You're not taking it with you buy the truck you earned it.

[@widehotep9257]

Looks like all the people in the comment sections are in the top 2% of net-worth individuals. Congratulations on your excellent success and wise choices throughout your life! Unfortunately, 60 percent of Americans live paycheck-to-paycheck, according to the FED. They aren't commenting here because they are working two or three jobs and barely making it each month. You are probably oblivious to this terrifying information, but you may be burned by the wrath of the working poor someday if they are squeezed much more. We could very well be living in 1788 France, one year before the SHTF. "We are only six meals away from anarchy" -Author Unknown.

[@eyesuckle]

@@pearlperlitavenegas2023 Pearls of wisdom from Pearl! She is right.

[@BrandonTran]

Love your post Rob! However, run the numbers and then spend more time in Italy or anywhere else. 🎉

[@MrCem1016]

Why do we seem fixated on “how much is saved/invested”? Instead of focusing on “how much monthly income” is needed to cover your cost of living in retirement. If you’re debt free, & have a low cost of living, it is possible to live on a low monthly income. It’s even possible to save money by living under a tourist visa in a lower cost area. To those who may have NO Savings, No Investable Income & ONLY have Social Security, it is possible to live & live well. It all hinges on you life style choices.

[@jrm2383]

Watching my father live on ss only makes me thankful l saved. You can live on ss , but it’s no picnic. I’d rather live well

[@chriswachel3975]

Anyone refinance their mortgage to 30 yr. And invest the difference? In 2013 I did this, mortgage is now at 2.75% payment is 651.00 p&i. Been putting 15% of my income into 401k and another 100.00 into Roth. Sure I'll have a mortgage in retirement but (651.00) not alot. And I've averaged 12% in those accounts while paying down 2.75 loan. Any thoughts?

[@johncostello2948]

I always hear my cohorts in their late 50s say things like "We finally paid off (insert "BMW", "MERCEDES", Junior's student loans from XYZ private college"), so now we are going to start saving for retirement." These are the same people who laughed at my old Landcruiser that was paid off and outlasted their series of five MB's that took a dump at 80,000 miles!

[@Foudedanse]

I have an MB that is the hundreds of thousands of miles and looks and drives great. That's why I bought it. I bought because my quietly rich friend had a 20 year old MB that was still going strong. . Obviously I paid cash, but please don't knock the car.

[@kevinroegner7743]

Yep. It’s basic math, like mean and median.

[@raywhitehead730]

Same here. Car payments and insurance really eat into that income.

[@azwileetoyote]

LOL, great point you make. I retired at 55 (almost 2 years ago now) and still drive my '96 FZJ80 I bought used in 2001. I split the driving now 75/25 with a paid off Tesla Model 3 to save on gas and mainly use the LC for excursions (mostly secluded/remote beach driving her in Hawaii)... best of both worlds imo

[@UNDERDOG18UNDERDOG18]

Us too people looked down their noses at us. We’re now 63 and 52 millionaires

[@miken7629]

I retired in 2012. In 2012 my monthly expenses (rent, food, utilities, insurance) was $1600 a month and now that exact same lifestyle, no debt, same apartment, same paid off truck, same monthly bills (rent, food, utilities, insurance) cost $3000 a month. $1600 a month rising 6% a year for 11 years = $3027, so average real inflation for last 11 years was 6%. Everybody planning for retirement needs to plan on 6% annual expense increases just to stay even. Retirement savings need to keep growing in retirement or could end up homeless.

[@foundryfinancial]

Thanks for that real life example Mike!

[@Observe555]

“Retirement savings needs to keep growing in retirement.” You realize this means that one NEVER uses ANY of their retirement savings to pay for things in retirement, don’t you? Is that what you mean?

[@miken7629]

@@Observe555 No, but you need to live on less and keep reinvesting because income needs to grow. I will give you my example: I am earning 5% on $2 million invested in Money Market, CDs, Bonds, Dividend Stocks, Preferred Funds, so that is $100K a year income, $50K plus Social Security to live on and $50k to reinvest because expenses keep rising and medical expenses grow exponentially as we age.

[@Observe555]

That’s a very healthy amount to income you have, congratulations. Back to my comment though. The only way for “Retirement income to grow in retirement” is for the rate of return to increase. If you start drawing down your $2 million, the rate of return would have to increase even more to “increase retirement income.”

[@Observe555]

By the way, did you retire before FRA and if so, at what age did you start collecting SSI? If before FRA, do you have any regrets for doing that? I’m 63 and I just started collecting, but I’m bothered by the income limitation imposed on me. I’m talking about the return $1 of SSI received for every $2 earned above the $22,320 (for 2024) rule.

[@dougmorris9317]

This video is so spot on. For years I scrimped and saved, thought I needed 25 times my yearly spending in stocks before I could retire. But my job was killing me, so I retired at age 55 with 20 times my yearly spending. That was 7 years ago, now 62 and my 3 portfolios have grown so well, even with the market drop in Jan 2020 I have more than I'll ever need. 7 years ago I was planning on taking social security at 62. Now I guess I'll wait until I'm 67.

[@marcusarelius]

Thanks for sharing this. I hope to retire at 55 or before as well one day

[@timelston4260]

You are the only one I've seen who adjusts the assumptions realistically. Bravo to you! I've been frustrated time after time by videos that talk about 401(k) averages and don't mention IRA and after-tax brokerage balances at all. My 401(k) balance is only 4% of my total liquid assets, and I've seen a report that says 5 million Americans roll over their 401(k) balances into IRAs each year, transferring over $500 billion into IRAs annually. The way you adjust for reality is commendable. No one else I've seen has done that.

[@foundryfinancial]

Yeah, I partially decided to make this video because I thought that was a glaring oversight.

[@RepuBlicOfChaD]

There's people out there who have pensions, 457b, IRAs, precious metals, real estate, and other assets that aren't accounted for in a lot of these.....what do you have in your 401k. Easy 0, I have my assets spread throughout other retirement vehicles!

[@PH-dm8ew]

retired at 60. 2 of my kids and a granddaughter and one of their spouses moved in with us during covid and never left. wouldnt change a thing. The money works out in the end if you spend wisely and dont take on debt. i should say barring health issues. Had a child with Leukemia that wiped out a lot of savings and time. taught us to live very frugally. She is great today, healthy and happy. Money doesn't matter all that much enjoy living. know when you have enough, more is always at a cost.

[@martyedgar4678]

1 am retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on."

[@martyedgar4678]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor!?

[@martyedgar4678]

Thank you so much for the suggestion! I really needed this. I found him online, saw very good reviews about him and sent him a message. I hope to hear back from him soon.

[@RICHFOW]

Part of the factor should be if you own your home or not.

[@danimal6070]

Everyone says that but if you look at your mortgage bill, and you live in high tax areas like New England, most of that bill is taxes. My actual mortgage is $1,100 a month but with taxes, insurance and a HOA fee, I pay $2,400. My pension and SS is going to be $5,000 a month NET and I can take another $1000 or so from my 401K. Still not certain it will be enough

[@MaryLopez-em3rc]

@@danimal6070 why it’s important not to live in a condo and any community that has an HOA fee that forces you a monthly payment as well as special assessments that could be in the thousands of dollars whenever they choose. my paid off house in Southern California is worth about 750 K now taxes are 2600 homeowners insurance is less than 1000 that’s all I’m forced into paying for a 4 be 2 ba house near the ocean for a year.

[@ericfitzsimmons1202]

And I live in rural Oregon and my taxes are 1100 a year and insurance is 800. Plus I grow or raise 50 percent of my food. So, it swings both ways kid.​@danimal6070

[@chrisforker7487]

So much of success is determined by actual retirement age and the ability to be flexible in your spending each year. Spend less in bad years and bolster savings in really good years.

[@dyates6380]

This is probably the most well put together and easy to understand video on this topic I've seen. You do a very good job of making it clear and concise to understand. Thank you for this.

[@IsabellaAriau2m]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[@AidenLiamf7q]

Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.

[@NatalieHannahq3g]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@MasonJacobo2w]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@NatalieHannahq3g]

NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@MasonJacobo2w]

Thank you for this amazing tip. I just looked the name up and wrote her.

[@fortniteking8531]

I'm an Aussie approaching retirement and I enjoy learning about other peoples' retirement systems/plans. I've learned no matter where your from, the most difficult (and unpalatable) variable to consider is estimating when you will die. I don't want to be very old and very poor nor do i want to be the richest corpse in the cemetary.

[@eyesuckle]

I like your colourful framing of the basic problem.

[@FIRED13]

No, I think what is more important than knowing when you will die is knowing when Mr. Bad Health will visit

[@Orecatmeatprocessors]

This might help some of you: I worked my way through college had no debt. Went to work in business. I found the big companies no matter what they say treat their employees like a bunch of dogs. High stress and chained to the oars of a slave ship. Finally I got a job with the US Government. It was the best job I ever had. I worked hard and made over time. I was NEVER fired like so many in the business marketing groups I worked in in private industry. The work was steady and dangerous at times, but I loved it. I paid off the house. I retired with a pension, SS, and a 401 K type program. They put in 5% if I would match it which I did plus more. All my money I took in annuities and will never run out. My wife loves my retirement. My five kids went to college. I did not have enough to pay for much. No problem they went to cheap schools like BYU. Now they ended up with good jobs and steady incomes. One recently retired as a Dr from the USAF as a Lt Colonel.

[@SasaSchueller]

I am 53 and retired at 50. One thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collaborative efforts in the fund my estate planner has me invested in. I do not work.

[@ЕленаФирсова-ц6м]

I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.

[@Jeffyhog]

My advice always, Invest into Real estate and Digital Market, Time has changed and we need to move with time. Seek the help of a financial advisor to tailor a plan to your specific needs and goal. Avoid debt at all cost and build an emergency fund.

[@TheKirbyHouse]

It is actually not intentional to accumulate debt, I have always tried my best to stay debt-free but then life happens. Real estate is a No for me due to financing challenges like securing a mortgage.

[@TheKirbyHouse]

What about the Digital market, what does it currently look like ?

[@Jeffyhog]

I will advise You to look into the digital market. A lot of folks in the US and abroad are getting so much from it.

[@Jeffyhog]

Well, it is not totally easy, It's all about making informed decisions and protecting your capital.

[@Jeffyhog]

To help you navigate, I'll recommend that you identify an investment mentor or someone with prior market experience.

[@thomasryan2679]

Permit me to introduce another concept. Maybe I'm OC, but I've been a saver since a child. I've worked three jobs simultaneously, worked every overtime hour possible, worked holidays, nights, and skipped vacations. Now I'm 70 with $2 mill in my portfolio. Also have a pension, a house, and no debt. I've missed my kids growing up, missed functions, hobbies, and skipped many events which are more important than money. And my wife now is very sick. Other people will end up this cash anyway.

[@FIRED13]

What is the concept, don't over do it, you can retire sooner than you think, health span is more important than life span? I am guessing here.

[@blainebates1067]

@@FIRED13you can always make more money, you can not make more time.

[@raywhitehead730]

Very sound advice. But you should also look into downsizing: fewer cars, smaller house, moving to a state that taxes less, reverse mortage, etc. I sold my 3rd vehicle, A truck, and reduced my insurance, moved to a state that is not only lower cost, but won't tax my retirement income or my retirement fund or my social security. Effectively, I saved enough that my buying power actually went up over my working salary.

[@gerardmiele4197]

Glad I came across this channel. About to turn 58 and plan on retiring in 4 years. I’ll be keeping an eye on this channel.

[@briank4134]

This video was great. I've been scrimping and saving for 30 years, and every time I see an article stating "you must have 2 million, or else you'll live in a cardboard box," it seems hopeless. It seems that it's not so hopeless

[@foundryfinancial]

Those one size fit all articles do a disservice to the readers.

[@JohnBowl14690]

Brian - A much easier formula is figuring out how much extra income you will have after all necessities are paid for. I personally could somewhat comfortable on $2K per month after all necessities are paid for. For me, $3K per month or more, after expenses is more than enough.

[@damondiehl5637]

You should have a monthly budget and know how much you spend. That will help you establish a minimum requirement. Add in for unusual events like home repairs, car repairs, etc. Measure that against the assets you will have in retirement.

[@gregkloe]

When I had a similar conversation with my financial advisor, her advice was for me to quit watching those videos. Some of the best advice I have received! I thought I was doomed. Now, I am 10 months away from being able to retire. You can do it! Find a good financial advisor and meet with them if you haven't already done so.

[@tancreddehauteville764]

That's pure BS. Too many out there are out to fleece you.

[@Castro-worldbravest]

I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments? I earn around $150k per year, but nothing significant to show for it yet.

[@Westcoastguy]

SCAMMERS 😂😂😂😂

[@notmycupotea]

max out your 401 at 30k, no sense giving all this tax to the government.

[@jackjohnsen-n1w]

lots of people spaen every thing they make....you seem to be one....sorry...

[@xmariner]

@@notmycupoteaI agree. The amount of taxes you DON'T have to pay due to contributions outweighs NOT putting in the maximum.

[@Bonnie-yu3kj]

Married and max out both Roth IRA's and Husband has TSP which we max out and in addition, do the max contribution for over 50. Additionally, we put some in a money market every paycheck.

[@dee4435]

As a single person who lives within my means, this video was a relief. I'm not too far behind.

[@foundryfinancial]

I’m so glad!

[@sume6103]

Excellent information! Thank you! I lost my job .... I am an older women and looks like no wants to hire me because of my age. It's sad. I have been very conservative and financial responsible all my life. Despite being unemployed I sleep well at night as I have no debt.

[@sjbutler2330]

Also divorce derails ones saving ability as well.

[@stevecoscia]

Informative video. You are a terrific speaker. Clear, concise and comprehensive.

[@foundryfinancial]

Thanks so much. Very kind of you. I’m still trying to figure out this KZbin thing, but I really enjoy it.

[@dp.7616]

I'm thankful we both have a pension and lived within our means . Life is good.

[@scottengh1175]

Biggest issue with those averages and medians is that isn't considering those that haven't saved for retirement. Guessing 3 quarters of population has nothing.

[@drjonlaux]

The median statistic should include those that haven’t

[@fortniteking8531]

@@drjonlaux Interesting point , I assumed the median would only include those with savings as that would put them in the data set. To include those with no savings would require adding the whole working age population in.

[@donf4227]

Right, if they have no savings accounts, it's possible they wouldn't show up in the data set. With more than half of Americans living paycheck-to-paycheck, I imagine a large portion don't have any retirement account.

[@guyz7777]

Im 58 and have about 325k total combined savings and 401k...i dont think i will even get to 500k...and theres no way i can work past age 62 in my current job

[@rollwiththetroll7497]

How does that number feel to you? If you are able to hit 500k, do you think you can live well into your 80s with social security and your savings?

[@lynne8323]

Do all you can to retire with no debt in the next few years before turning 62. It will be worth it!!

[@pearlperlitavenegas2023]

will you have a paid for home?

[@phillybean019]

My first retirement is in 14 days!

[@MrMojoRisin4371]

When does your second retirement happen?

[@phillybean019]

In 10 years because I had my kids later. I really retired at 65.

[@MrMojoRisin4371]

@@randyiffland7531 i cant believe it lol!

[@shirleys765]

I retired at 61. I am 64 now. Single and no children. I get a monthly check from my IRA which I have a net value of $420,000. I am living comfortable and 100% debt free. I think I'm doing good.

[@craiggoldstein2461]

Shirley, congrats....Question for you....We want to retire around 60 as well but worry about the cost of health insurance costs to get us to Medicare years. May I ask your approach to health insurance?

[@shirleys765]

@@craiggoldstein2461 Hi Craig. When I retired, I signed up for Obama Care. I don't have any health issues so this is a good deal for me. In fact, my premiums have gone down each year. Of course this will end in a few months when I go on Medicare. I hope this helps.

[@KathleenMcNe]

I retired at 63. I am 67 now. Single and no children. Zero debt and a net worth approaching $14 million. Having a wonderful time taking great vacations and significantly increasing my monetary gifts to worthy organizations. Life is grand! The decades of frugal living and sacrifices were worth it.

[@williamlewis3582]

​@@craiggoldstein2461 Thats great enjoy life to yhe fullest.

[@bsquarebuilding]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[@keithm6117]

Retired at 64 with my own home & 200k saved, i was lucky to work long hours all my life & saved hard, i supported myself till my pension started which now pays my bills. I'm left with savings and projects which keep me occupied/happy and i do just what i want every day & I wouldn't change a thing..

[@mlewis1324]

Excellent informative video, thank you! Your presentation style is clear and makes it easy to digest the info.

[@foundryfinancial]

Thank you!

[@johnjones850]

I’m 48, married, and completely debt free. Paid off my mortgage at 45. I paid off a 30 yr mortgage in 8 years. I’m in the sales, and hit 20 years of that in June. I continue to live like I’m on my original base salary from 20 yrs ago. I also stayed in my first home for a decade. A modest home for sure. So many of my friends are house poor. My goal is to retire at 55. God has blessed me so much…… I think I enjoy saving money as much as I do spending it! lol

[@Retiredjournalist88]

Yes, I feel VERY blessed also. I retired at 55 ...now 61......my wife and I have 7 figures and enjoying life. Thank you Lord !

[@hozhx]

​@@Retiredjournalist88how is your health insurance. You can't get Medicare yet.

[@Retiredjournalist88]

@hozhx I have my own health insurance and even when I am on Medicare, it sounds like I'll need some supplements

[@hozhx]

@@Retiredjournalist88 we don't have the luck. Right now I only pay $350 for us. With Obama care, we need $1600 for us. One of us can't retire early.

[@dmjh932]

How much? It all depends on where you live, life style and debt. We live in the Mid West and have a very basic budget which does not exceed our SS. We have a median savings which we have never used the past 10 years in retirement. If we were on the East or West Coast. We would probably be broke by now.

[@mikedr1549]

Thanks for covering the AVG vs Median - it's important to understand what you're really looking at.

[@jasonbroom7147]

One of the things that is almost never discussed in videos like this is the "B" word - BUDGET. One of the reasons so few Americans have enough saved for retirement, at any age, is because they have never followed a budget, and won't in retirement. It's the main thing missing from the financial picture, and the single biggest thing anyone could do to secure their future. It doesn't matter how much you make, and it never has...it matters how much you spend, and what you spend it on! I am personally very well-acquainted with a couple who makes over $200K/yr, but is debt-free and lives on less than $50K/yr. Do they need to have 8X their income in retirement, or do they need to have $50K/yr in income, since that's that they live on? This isn't what a "financial advisor" wants you to think about. They want you to save more money, because their earnings are based on "assets under management"...so they're ALWAYS going to tell you to save more! They don't really care what you live on, they basically just want you saving more and more, so they make more off your money.

[@foundryfinancial]

I do think there’s some truth into what you’re saying. Some advisors are just trying to increase their AUM.

[@jasonbroom7147]

@@foundryfinancial DR - BS6 - EDM - It all starts with a Budget.

[@JohnBowl14690]

One size doesn't fit all for retirement. One person can drive a 20 year old Toyota Corolla and can feel very comfortable. Another person might feel like her 7 year old Mercedes is starting to look old. I can live moderately comfortable on $2K per month because I have no debt. Problem is...I just don't know if I want to. I enjoy not having a budget. I'm a 3.5 on a 10 scale of being a spender. However, when I do go out to dinner or do something, I don't like to think about the price. If I want the overpriced appetizers, then I get them. In other words, I like the freedom to get what I want. The real issue is living a more fulfilled life. For some, it might be working and saving more. For others, it might be cutting expenditure and quitting work now. In my opinion, if you hate your job, budget well and quit asap. If you like your job, perhaps work a little extra, save and have a little more to spend when you retire.

[@jasonbroom7147]

@@JohnBowl14690- You know the appetizers are over-priced. This means you understand what you're spending and what you're getting. That puts you ahead of 90% of American consumers. If you're living, well, on less than you make, and investing the rest for retirement, that's great. Living without a budget, when you know how to do it, is a bit immature, though. Adults do the responsible thing. Children stomp their foot and do what they want.

[@JohnBowl14690]

@@jasonbroom7147 - This is just my opinion on what worked for me: Balance is the key. When you're young and have little, it's better living well below your means and invest. When you're older, the game changes. You have less years to live and hopefully, if you invested, you now have zero debt and zero mortgage. You can't take it with you, so I believe people should enjoy life. Regarding budgeting...with the exception of a couple of years, I really never kept a budget. However, I kept close tabs on my monthly savings and investments and let my asset balances dictate my spending. I worked great for me. In fact, it still governs how I live my life. If I see my balances going negative, I will adjust my spending accordingly to stop the bleeding. Regarding "doing what you want"... I am not against that as long as you are meeting your financial goals. For people like myself, I don't spend much. My luxuries are relatively cheap and do not have a significant impact on my bottom line. For others, their luxuries are buying a new car, going on fancy trips, or buying expensive home improvements. I have nothing against either...except my ONE RULE. Are you meeting your financial goals? If so, you're probably ok assuming your financial goals are enough. If not, you're probably better off to stop the bleeding and stop spending, except for necessities. In my situation, living how I want doesn't tank my assets, so I will continue to do so. But again...this is what has worked for me.

[@joep5146]

I had zero savings but a decent job when I was married at 26, but always put away the max in my retirement account. Now 60+ and looking at a super-comfortable retirement. I won't even consider taking social security until I'm 70. Saving at a maximum level when you are young is the key. People in my age group with $207k in retirement savings are looking at living on cat food and a miserable existence. Decisions have consequences, folks.

[@johnpasierbowicz]

Love it! I’m walking down the same path as you, about 10 or so years behind (I’m 50) and I already have $1M in my 401k. I’m not planning to take SS until I hit 70 and will get the max probably, over &5k a month by then hopefully. I wonder why more don’t wait to take SS since bigger payout makes sense if you’re healthy.

[@joep5146]

@@johnpasierbowicz Nice work, John. $1 million at 50 is ahead of my curve - I'm at $2.2 million at age 62. That said, my career and sound investing have left me in a great position. I not only don't need SS until I'm 70, but I likely won't need my IRA/401k money until the feds force you to start taking some out at age 70. The major reasons I'm in this position are that I saved the max in my 401k starting in my mid-20's and I've made a lot of money along the way as well. Best of luck to you.

[@aldeserrano5490]

Hate to tell you Cat food is very expensive.

[@jjjonis245]

Retirement savings isn’t a one size fits all. Once you do retire you’ll see you really didn’t need to sacrifice all those younger years saving money for retirement. Have you monthly income figured out, social security and a decent dividend, government, or CD account. Know your expenses and figure at least a 5% annual growth in expenses. I’m 67 and single, debt free, Medicare plan G, and am living comfortably on 50k a year.

[@utubewillyman]

Definitely, saving early is better. But that logic suggests you might consider taking SS earlier. You can bank all of your SS checks between age 62 and 70, essentially saving the max while you're a "young" 62-year-old. And then there's always that issue that we really don't know if we're all going to make it to 70.

[@OroborusFMA]

I learned my lesson back in 2008 when I got laid off from what was largely my one and only source of income. As I looked for another full time job I began taking on side-gig work. When I did get another job I kept those side gigs. Then I started a home business. Fast forward to the present and I have about a half dozen income streams. No debt. I've began dividend investing in 2021 and am looking to expand that with some inheritance money. once the estate clears probate in 2024. I passed $1 million in net worth shortly after turning 60. I am aiming to double that by 67 and then retire. At that point any Social Security I get will just be frosting on the cake.

[@foundryfinancial]

Congratulations! That’s excellent progress.

[@chucknorris5141]

Before I watch this I will state, comparison is the thief of joy. Figure out what your expenses might be in retirement, then solve the problem of funding that amount.

[@marybethchambers9410]

Excellent video! Much more helpful than most out there.

[@PeaceDayCortez]

Thank goodness I’m in a good position as a single person! I’ve lived as a minimalist for over 10ys. Never going out if it cost money. I only do things for free, take my own snack & drinks. I’m able to save $1400 a month making under $53k living in CA. Being debt free except for my $1250 mortgage & having a renter has made a huge difference. I vacation every year using my cc points. I use my cc all month for basic living expenses & pay it off monthly. Everyday choices have made a difference. My child is grown & gone so I’m only feeding me using OMAD by choice for health reasons. I use up everything I have before replacing it. Gotta have a plan every payday what’s a need vs a want. This mindset has changed my financial life. 😬

[@johnb3959]

All you need now is a life

[@l.d.8310]

That's actually a great way to do it congratulations! I need to be more like that.

[@PeaceDayCortez]

@@johnb3959 I have a great life. I'm very active. 😁😅😂

[@RicoAndTheMan]

ROTFLMAO ! So true........... Indeed people think money is everything in life@@johnb3959

[@john-ze7eu]

So you haven't really lived much. Congrats Enjoy life bud.. go out to dinner. Take a vacation.. buy yourself something nice. Live a little.. life is short

[@oligarchy-usa]

I have no interest in living past a certain age, so planning & saving for my designated retirement years before my chosen expiration date occurs was pretty easy.

[@brentlorrilliere6057]

i'm betting on the next pandemic will target the boomers who got "all the vax". the boomers are bankrupting all the millenials and gen Z, and once boomers aren't controlling all the votes and voting for 85 year old white men... the millenials can rule the world!

[@mlee1308]

I just found your channel. You’re really good and explaining things. Thank you.

[@foundryfinancial]

Thank you!

[@bert1913]

I retired at the age of 62. I have a great lifetime pension, plus I'm drawing social security. Our house is paid off and we have zero debt. When I turn 65 (2026) I'll start drawing from my two union retirement funds, plus a mutual fund.

[@rda9441]

Great info...thanks for sharing. I was surprised to not see higher median. I just 50 and happy to see I am doing ok based on numbers shared.

[@foundryfinancial]

Thanks!

[@wayneadams7829]

Everyone is different. It depends on what you owe and your spending/ lifestyle habits. Depends on what part of the country you live in. There is no set dollar amount.

[@oauchie]

One thing that wasn’t addressed was the high cost of medical coverage if you’re planning to retire before Medicare at age 65. I retired at 61 and navigated through the Marketplace for coverage and found the plans available to me in TN were expensive and most importantly didn’t provide quality coverage (high deductibles and extremely high Out of Pockets) if you indicate only a very modest amount of income (>= $40,000 annually). Medical coverage (premiums AND plan costs) is a very significant driver of costs in early retirement. Be careful!

[@janlaursen9236]

My best advice to young people is; 1) Start saving now, 15% of income, 2) Focus on high returns from passive index etf’s in the stock market (over 7%) and 3) Keep your yearly investment costs below 0,2% This will keep you warm later in life. But advice within retirement is offen to older people and by then its really too late to make large savings. Its the long haul that makes the big difference, later in life its too tough. Tell the kids to start save.

[@marksokolski2296]

Now, not tomorrow, now.

[@fr9714]

0.2%! Pipe dream with most investors. The min is around 1% and low is around 0.8%

[@janlaursen9236]

@@fr9714 My average is below 0,1% over several years, by direct investing and avoiding retirement fund institutions in Denmark. And net returns has been above 10% after tax the last 25 years, and low cost is a key issue here.

[@widehotep9257]

The FED says 60% of people are living paycheck-to-paycheck and cannot afford to come up with $1,000 in an emergency FROM ANY SOURCE! These are alarming observations that remind me of conditions prior to the French Revolution. When people work all day just to eat and survive, they grumble. But when people work all day and can't afford food, the pitchforks and torches come out rather quickly.

[@kirkD9349]

Helpful, thanks. Sadly, our government's $35 trillion debt + money printing leading to inflation will make even millions in a retirement account insufficient. Zimbabwe and Germany had trillionaires during hyperinflation, but it meant nothing, because the paper money was worthless.

[@dukefan37923]

Someone else commented "don't try to live above your means." Actually mine is live slightly below your means. For instance, when me and my wife bought our house we were approved for X amount. In stead of spending exactly X amount, we spent 30% less and still got a really nice, brand new home. By doing that we were able to pay our house off in 13 years (at age 44). It's amazing the difference that mindset makes. People get fooled when they see someone with a huge home and expensive car. They think they have tons of $, when actually in most cases they don't. Every penny they have coming in each month goes to giving the appearance of having money and they end up having to work until they're 75 or never retiring.

[@garyhunchak1857]

Some people commenting here are confusing savings with inheritance.

[@markfuruuchi1464]

I sold my business at 63 because a good friend and colleague passed away at 52. He had a wife and son of 12 years old. Life has no guarantees. You work 40-50 years to hopefully enjoy 15-20 years of hard work and labor. My net worth is around 5 mil with minimum debt. I’ve now been retired for a year and am enjoying life. I have a few years (3) before I start collecting my SS to get full retirement benefits. I’m considering holding out till 70 to obtain maximum SS… thoughts? I don’t need the money but on the other hand, I paid into SS and don’t want to pass it up either.

[@Rogerederer-b2r]

You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a Bitcoin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life

[@WilliamsF-e8r]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@KingRoh-t8h]

It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.

[@Michelle-g8e7i]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate.

[@KingRoh-t8h]

DIANA CASTEEL LYNCH is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look her up.

[@Michelle-g8e7i]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@motokev2727]

If you have zero debt, you don't need much money to live on. Just control the spending in retirement.

[@petew6682]

Now that is the best advise that’s been given! My wife and I are following this path and enjoying our early retirement!

[@RobertBeedle]

Im behind at 37 years old with $90k in retirement. Now Im adding $23k a year into my 401k to catch up.

[@donf4227]

Even just two or three years of that and you may be "over the hump." Once you get to $150,000 your investments could be averaging $10,000 to $20,000 increase per year over the short term, with a bit of luck.... At some point you won't need to stay up around $20,000 input each year.

[@wranglerlife4ever42]

Many years ago in my 20s I started saving in a 401k and also some various funds with investment companies. I was always told 10x your income (or a few people told me $1M was the goal) to live comfortable in retirement. Starting early in your 20s or early 30s makes a huge difference to funding your retirement. Save early and often, live within your means and have some money/finance education and you will do well.

[@RB-je3yj]

Just turned 50 last week, currently have $2 million in a Roth don't need any of it, I have a nice disability pension of $5k per month and $1500 real estate cash flow everything is paid off zero debt! Drive a 2010 Camry LX!

[@BigPoppa-t3z]

2million. Your my hero

[@pearlperlitavenegas2023]

Someone else will enjoy your money 😂& drive a nice new car too!!! You're not taking any of it with you. Stop being cheap go spend some of your money while you still can

[@RB-je3yj]

@@pearlperlitavenegas2023 🤣🤣🤣 Negative ghost rider, I'm leaving my legacy so my blood line doesn't have to work! I'm happy doing what I do, I eat well, buy what I need and travel 4xs per year international and 8 with in the USA! I'm very blessed to have what I have and will continue my lifestyle! I invest every Monday rain or shine!

[@maddog3768]

Especially when you collecting money for disability, you are destined to become disabled in real. That’s just how universe works. Act rich and you become rich, act disabled and you become……

[@lasoga2125]

The 401k data is complete. I talk to people about roth all the time and mote than 90% have no idea of what that is.

[@peterezzell3865]

If you can work part time and wait until 70 to take SS you'll get a lot more plus not have to draw so much out of savings. It's what I did, and fortunately my part time income was more than enough to pay the bills. But also, do what you can to get your health sorted out so you can live well past 70 without a basket of health issues.

[@PatriotSteve]

Even you’re saying get your health sorted out so you can live well past 70. What does that mean? Collect from 70 to 80 and then die having only collected for ten years.

[@veltonmeade1057]

I am waiting until I am 70 to take SS. I have eight years to go, God willing, and last night I was in my online SS account, and I will make $3,750.00 monthly, this does not include my pension. And I love my engineering career, so I see no reason to quit.

[@PatriotSteve]

@@veltonmeade1057 hoping you get a few good years to enjoy retirement. The fact that the government urges later payments is all I need to know to collect earlier.

[@Bonnie-yu3kj]

You make such a good point. I will be 65 this year and I'm in excellent health. My husband is 5 years younger and he, too, is in good health. Genetics plays a role but we are plant based, exercise daily. You have a lot of control over your health but many just let themselves go and then blame the chronic illness on bad luck. Quality of life matters!

[@peterezzell3865]

@@Bonnie-yu3kj Same here - Plant based 11 years +. Also exercise/walk daily. Aging is inevitable but some of my peers look like hell and creep around like they're much older. No amount of money replaces good heath.

[@allikat1352]

For me, the "assumptions" are incorrect because it assumes that you are spending what you make. But if you make 100k while working, but your living expenses are 25k, you don't need 8X your income. If you are debt free, you are just socking away money or blowing it.

[@allikat1352]

Exactly!

[@danfouts100]

Me and my wife are both 53 years old. Our home is worth $455,000 and is paid off. We have no debt besides food, utilities, and prop tax stuff. I should add gas and car insurances. I have about 70,000 in my 401k and my wife has PERS through the school district. I just want to call it quits by 62 or so. God Bless us all.

[@hugohabicht9957]

Dream on

[@foundryfinancial]

It’d be pretty hard, but if you live cheaply with PERS and Social Security you might pull it off - but you’d be in better shape if you could wait.

[@danfouts100]

Thanks Kevin @@foundryfinancial I have already paid off one kids college tuition and I have 3 more years to go for my daughter's college tuition, but I promise to take care of me and my wife's retirement 100% soon.

[@johnlayman2836]

Hi Dan. You’ve done well. It’s time to hit the gas on saving. In the 9 years of work you have left, put your old house payment plus 15% of your paychecks into a 401k. Watch out for investment advisors who will steal a big percentage of your returns. Pick a good S&P 500 index fund and stay away from speculative investments.

[@SlParkerlee]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

[@biankabrodeur01]

To avoid constantly changing it up, think about financial advising. The top 3 payers for the month were $OHI, $KMI, and $EDP, with a total payout of little over $20-not bad for a 350k portfolio.

[@roberttheodoregeorge]

Indeed, Since the COVID-19 pandemic crash, I have been investing in the market for 11 years, the past four of which I have done with the assistance of a fiduciary advisor. With the help of these years of mentoring, I've been lucky enough to increase my return on investment by ten times, totalling around $1 million as of right now.

[@johnlayman2836]

Instead of VOO, consider VOOG. It has a little better return and small differences make a big difference in the end.

[@Happ1971]

Im 53 and plan on retirement at 54. Im single... no debt and have 1.3 million invested. I plan on moving to Thailand or somewhere where I can make my money stretch. Even with this amount Im nervous... but this video did ease my mind a bit! Great video!

[@tombkk1322]

Thailand is a great choice for retirement. 7 years retired in Bangkok and love it! Good luck!

[@freddyhollingsworth5945]

The most important thing is that you go into retirement with zero debt...a modest home with low taxes/insurance, paid off car, new roof, new septic, a $50,000 emergency fund... also do not count on income from your spouse, they will fall over dead suddenly with zero warning and the household income will be reduced by 20-40%....

[@mikea1184]

If you are counting on income from a spouse you are not near retirement or thinking about retirement

[@darlenepaul2918]

Yes life as a single in retirement is much more challenging!

[@davidhalliday7776]

Like every one of these, it assumes a single person. I have been married 20 years, and only I have any retirement savings. The wife was a stay-at-home mom and had nothing, not even social security. I am always left scratching my head about what we will need. If it's just me providing the bread am looking at 10x my final income. (5x for me and 5x for the Mrs?) As I am now in my mid-50s, I don't see that happening.

[@chrisforker7487]

These numbers are terrifying! Clearly there is an enormous population that has virtually no chance of a successful retirement. Obviously there’s SSI, but still very low numbers.

[@donf4227]

It is a problem going forward. And social security payouts may only be 80% of what they are now, for people retiring in 2040s. (I think govt will raise taxes to bridge the gap, but it's not guaranteed.)

[@sheilac3836]

I would not assume not having to pay a mortgage…. I am seeing my home insurance and property taxes go up to surpass what my mortgage is. so when the mortgage is paid off I still will be paying more insurance and taxes than my mortgage by the time I retire…

[@smooth2365]

There’s nothing to do about that. I would rather not have a mortgage than have one in addition to all these other expenses.

[@amidemanila816]

I think best is semi retirement. We need to work until we die. Working is love for mind and body. If we can find a job that can give us income and at the same time not too demanding... 😊

[@darbkavon]

100%… I carved out a side career as an artist and I can hopefully do that into old age!! Never have to fully retire!!!

[@DavisCooper-ws6su]

There's no better feeling than seeing both my parents retired, thanks to my advisor (James Fletcher) for guiding my dad on the steps to take to retire early, the stock market is the perfect place to raise your retire funds with less work

[@MaryLopez-em3rc]

Hell no, I’ll volunteer but never work.

[@ClownCash]

What’s sad is you could be doing better than these numbers and you’re still going to be a retirement failure.

[@Chrisfeb68]

Depends on the job you have.

[@mj6866]

Actually, 5% rate of return in retirement is probably too high, not too low. Let's say you are 100% invested in the S&P 500, you probably will get about an 8% rate of return but after you factor in inflation, it will be more like 5%. Let's say you are over 65 years old, you probably have a mix of stocks and bonds, so your rate of return might be 6% before inflation and 3% after inflation, and don't forget about taxes.

[@donf4227]

8% is conservative for S&P. Average rate is up over 10%. After inflation the average S&P return is between 7.3% and 7.8% for each of the past 20, 30, 50, and 100 years, as of June 2024. That doesn't guarantee future gains. Future could be lower or higher.

[@edfriedman4252]

Turning 60 this year and your info made me feel a whole lot better, I think I will be okay for the 62 or 63 year retirement age, paws crossed....................................

[@robertzenniful]

I’m 53 years old make 180 thousand a year, I have $400,000 in the S&P, no mortgage with an estimated house value of $800,000. I currently add 500 a month. to my S&P with the goal for the next 10 years.

[@AmithKaury]

Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Coin that will align with my risk tolerance and financial goals.

[@paulbernitt4280]

I think $1.3M is a good number for a $100k per year for an eternal earning without ever dipping into the original balance. One other thing to consider is that there is this thing called inflation that needs to be put into the retirement earnings.

[@terrysnyder127]

I’m 67, very little savings. Social Security will be my main stream of income. I will probably have to work until I die.

[@lchamp7946]

I think that your position is one that many Americans find themselves in. Good luck and good health to you.

[@alexanderbailey8914]

Wife and I retired the end of 2023. Sitting on 1.4M in combined TSP and IRA accounts. House is paid off and we only owe 15K on a new car. We are both 65 now and both have longevity as a factor in our families. Estimating at least another 20-25 yrs lifespan. Our investment strategy is 75% equities and 25% bonds. Short term drops don’t really concern me as I’m looking at the long game. Plan is to leave a nice legacy for the extended family. Also, we have 2 pensions and 2 SS checks coming in. That way we can look out for those less fortunate and in need to help them.

[@yep3172]

Amount saved means nothing without knowing the amount owed on debts. 2,000,000 saved is diddlysquat if you have 5,000,000 in debt.

[@foundryfinancial]

Debt is a real issue for a lot of people.

[@Newlinjim]

Also requires ‘good/bad’ aspect of the debt.

[@314jph]

Failed to take into consideration the destruction of purchasing power and inflation. Even without expected less purchasing power, everything doubles in price every 20 years.

[@redparis9225]

Most people in retirement never consider inflation which is sad

[@MikeyPBR]

Double what my age bracket has for an average with over 30 years to go. Doing much better so far than I had thought.

[@marktapley7571]

What valuable information for those reading these comments to know!

[@c-qc-q2021]

Instead of comparing your financial status to others, think about given your financial status, will it generate enough income to live on. THAT will determine when you can retire. Most financial planners have SW that can run the numbers to guide you, although granted, they take a small cut (~0.1-0.2%/yr). I guarantee it is *empowering* to reach the point of financial independence. Eg you are able to make better on the job decisions because you are free to do the right thing, rather than do what somebody else tells you for fear of getting fired. And you pick the job that you like to do, because you are able to.

[@MikeyPBR]

@@c-qc-q2021 I'm one of the lucky ones. I worked my way into a job I really like, and have an irreplaceable product and systems knowledge. It's just nice to see that I'm above the curve, when I thought I was below average for my savings.

[@eddieg6436]

The FIRST thing I did approaching retirement was PAY OFF MY HOME. Next was to have ZERO credit card debt. Then make sure my vehicle was paid off, and everything replaced (tires, tune ups) to make sure it’s in excellent shape. Then I replaced a lot of appliances around the home (water heater, refrigerator, dishwasher, garage door motors, etc). No debt.

[@rickertpropertygroup]

Great video! The one thing in most retirement discussions is around 401K and IRA's, and the values at a given age. Many people are real estate investors and have a portfolio that provide numerous tax advantages, cash flow, appreciation, amortization, plus a total equity position. It would be great to see a video on this type of investment approach as we have done. Thanks again! Mark

[@timalan7406]

Do all of the above, I did- Rentals, 401K, ROTH, Pension and SS. Most people are good at focusing on one thing, but you're better off to do it all.

[@toddmccool2601]

I like watching these videos. They comfort me. Just hit 60 this year with about $1.7 mill in liquid assets with $36K in projected ss and $500 in pension.