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.

[@donh8833]

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

[@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.

[@user-ik2no7jw5g]

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

[@byronbuck1762]

Averages are misleading on balances. Median values are more telling

[@bobackerman54]

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

[@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.

[@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.

[@clbcl5]

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

[@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

[@candecarro]

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

[@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

[@carlosgarcia8770]

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

[@bizzfo]

Roth IRA is not taxable

[@CalmPlains]

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

[@guzzi95]

Thank you for all your great Leaning Videos!

[@tmm4782]

Thank you for these very helpful videos! I live in the expensive Boston, Massachusetts area. Could you please do a video on high end areas … their average retirement savings and costs? Thanks!

[@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.

[@M1Fortunes]

Most engaging host with a tonne of fascinating statistical info

[@OwenDowling-l8d]

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

[@lewisr7700]

I almost feel guilty getting this information for free.

[@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

[@miragexl007]

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

[@MichaelToub]

Great Video!

[@hump1953]

I really liked this video…thank you…

[@yannip2083]

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

[@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

[@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?

[@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.

[@stephenrasp4485]

Is this average or median?

[@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?

[@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?

[@johngill2853]

Exercise .29? A day is terrible

[@susanrushin7002]

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

[@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.

[@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.

[@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.

[@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.

[@defariase]

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

[@brucesmith9144]

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

[@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!

[@fsm12385]

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

[@Muriel-1112]

Very nice

[@jazzjokesjalopies]

Very helpful Dave, thanks.