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

Kevin Lum, CFP® 1 views

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Did any of the numbers surprise you?
Comment from : @foundryfinancial

More retirees heading overseas for retirement is inevitable cannot afford to retire here for a lot of people Retiring in Mexico for example up 70 percent since 2019
Comment from : @drgsimons

I've 2 million saved at age 50brWill retire at 90
Comment from : @grahamstewart615

This is pure gold How do you not have a billion subscribers?! A recent study concluded that all people are getting older!
Comment from : @karlfife

am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30 annually in dividend returns any good stock recommendation on great performing stocks will be appreciated
Comment from : @SophiaBrittany-jn8xt

Well equities are about 200 over mean fair value these days At some point they will revert to and thru the mean Good luck
Comment from : @SandraLee-ix2qd

I'm working until 65 to give my wife the best situation once I am gone We have $25M, me at 59 she at 58, and my job is super interesting and has me travelling to great places I'd hate to give up the income and satisfaction of my low physical and mental stress job and risk her not being able to afford assisted living some day for her Plus, I played hard as a world traveler in my 20s, and didn't start working year-round until 37 Life is good when you enjoy your work and it has purpose
Comment from : @tedgayer336

Retire to SE Asian for a fraction of the cost of the US…Philippines, Thailand, Vietnam
Comment from : @WilliamFluery

I’m good 🙏🏻
Comment from : @Brentandmeforever

DdeNo 😅😅d red d😊
Comment from : @antonfamily6062

Average and mean are not helpful to know If you have done a decent job knowing the numbers for others is misleading I'm 56 and I have $960k in my 401k, but that is just part of what I've saved
Comment from : @educatedwanderer9293

Your living expenses should be the determining factor as to what you need in retirement That has nothing to do with your income while you are working!
Comment from : @lamleg1172

I’m 60 years old and wondering if my £400k in savings is enough to retire With rising costs and market uncertainty, I’m not sure if I’m ready or need to keep working
Comment from : @Jonesmatsunaga

Sorry to say - if you have less than 800,000 you are pretty much screwed It also depends on mortgage pay off and spending habits
Comment from : @viperbite8930

Sorry but if you're are 60 and only have $71,000 in your 401K, you have no one to blame but yourself PERIOD
Comment from : @LoveToCode7

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"
Comment from : @martyedgar4678

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
Comment from : @lacreshahicks

Speaking of retirement: More important than your assets, would be the amount of debt that you carry and your standard of living In retirement if you have no debt and a low standard of living you can get by with very little money in investments or savings
Comment from : @15DurangoRT

These numbers are too good to be true if you live in west coast it’s still god to know I need 5-8x of my annual income to begin with brBut perhaps another video to explain why we dont need 15-20x income if the withdraw rate is 5 will be nice
Comment from : @咖哩魚蛋999

A lot of mays and mights
Comment from : @patrickstarnes2355

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
Comment from : @robertzenniful

Thats rather shocking news - the average retirment savings - seeing as how epxensive evrything is now Further, a TON of that average/median number was in stocks, and they have never been more over-valued than now In short, you don't really have that money unitl you sell your positions - its just the current value "if" you sold at the time of the survey - which was a year ago Today, that number is 20 higher than last year In other words - SELL your stock now before it crashes and you lose 25 Put that cash in any short term government money market fund which is paying 425 right now, and just wait until stocks go on sale Or, just take the 425 -48 from treasuries and ride that to the grave Better to have a guarenteed income stream as we retire, than to bank on the over-valued stock market to have our back - in my opinion
Comment from : @jgibbs6159

The federal reserve is totally corrupt
Comment from : @stevemt3238

Retired at 60, haven't touched a penny Living off interest Plain and simple, my worth exploded once I got rid of the wife And also the s ex life is better being a well off single guy Women in their 50"s are wild Want to retire early like me, pay everything off, I was a full-time dad, paid off their college, they're grown, I'm single, a millionaire, live off interest, have zero debt and hitting the honeys and stopped drinking over 8 years ago My biggest decision for success was lose the depressing wife and never got remarried It was the biggest financial decision in my life
Comment from : @FlinthillsFloyd

Time on the market beats timing the market, dollar cost averaging investing is a brain dead way to build retirement funds without worrying (for the most part)
Comment from : @Uisci81

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 billsbrI'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
Comment from : @keithm6117

Fixed costs are everything
Comment from : @AG-so4gl

I am sitting on 300K in my 401k I am 51 and have 16 more years to work, I also have a pension that will pay about $2500 a month and another $1800 in SS if its still available Hope I am on track
Comment from : @jtwhit1125

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
Comment from : @wayneadams7829

People who wanted to retire in 2024 probably never did due to inflation and price at the grocery store
Comment from : @ajaynair2636

I started a Centipede Protein farm… my fast food accounts are growing like crazy… hope to retire next year…!
Comment from : @tobberfutooagain2628

I’m 56 years old, my retirement account has 120kbrbrMy expectations are to have about 480k by the time I retire, I’m counting on social security retirement as well,brbrMy current 401k contribution is $600 monthly
Comment from : @noep99

Your graph at 3:12 is a bit confusing Should the 401K number be added to the $537,000 or is the $207,00 part of the $537K? If so, there should be one bar with two different colours inside it
Comment from : @tonepilot

Dude, Ramsey got you beatbrListen to Dave and live well
Comment from : @mccoyji

You don’t need to explain how to calculate average vs median, if that is a problem for someone, they’re not retiring
Comment from : @rg1352

I'll tell ya what, employer pension plans are dog shit anymore, and fund managers just rob from the plan
Comment from : @jeremygerhard5456

I was an architect and retired when I was 55 years old, 15 years ago and now live with my girlfriend Lovely times we have now together
Comment from : @leemeyer748

65 because of Medicare Earlier if expanded for all
Comment from : @gregheard184

How do you factor in SSI and pension? In addition married gets an additional SSI
Comment from : @fstlnj29

When government says the "average account", does that mean overall or do they calculate per person? I have had a number of jobs and so I have 6 IRA's with a small average value
Comment from : @comp20B

I will die in my shop working to pay taxes
Comment from : @VarnerVisions

Just get to the point Cut the fluff
Comment from : @terrywix6844

These numbers are terrifying There is no way that amount on money is going to last retirees 30 years unless they are pinching pennies Time to jump on the welfare train in retirement and work until you’re in your 70’s 😖
Comment from : @dstiefel869

Can’t wait to read all the boomer comments on how easy it is to save for retirement
Comment from : @roosterfu231

I just turned 55 and have 12M in my 401K I didn't think that was all that much but I guess I'm doing well I also own two homes
Comment from : @eduardobibm

Do these numbers included the millions of Americans who have $0 in 401k and retirement savings If not they are worthless Just ask yourself this one question I ask of all my clients, are you going to knock on your neighbors door and ask to live in their basement or are they going to be knocking on your door
Comment from : @dademack3544

I think I need sixty thousand and make that move too the Philippines living off social security
Comment from : @derickclemons369

Im bot ready to retire but after a few bank jobs I can
Comment from : @geoffnavolt1970

I had a rough life 57 with ss and a pension 50k saved And I just don’t kno what to do… I’m just gonna work until I die 🤷‍♂️ And that’s the gamble brYou don’t kno what’s going to happen
Comment from : @MLeago

Finally some reality instead of lazy, one size fits all assumptions
Comment from : @scottjackson163

I've known way to many people save their asses off for retirement while not enjoying their youth, only to pass away before or just after retirement
Comment from : @James-t6o6e

Glad I have a pension Not sure why we collectively let politicians talk us into 401s
Comment from : @joelclaus288

These reports / studies drive me nuts Why don't they report on the savings of a husband and his wife together?
Comment from : @PhilosopherGuru-x1p

To get a better feel for averages should you exclude outliers say 2 standard deviations? Would that help create a more realistic picture? Or is the median close enough?
Comment from : @GenoLewan

nope
Comment from : @sirloin869

Is $2 million enough to retire for a 68 year old?
Comment from : @goobtron

What's the point in knowing what other people have ? Just worry about yourself don't judge yourself or compare yourself to others
Comment from : @gregmartin1757

I retired at 42, agree on most but also, there are short cuts, if you move to remote cheap place, or even big arbitrage from moving to another country Most people count on they will live in expensive area and live life like today and also die with million in the bank So with another view on it you can absolutely retire much more early Example of this like youtuber ” retire and go”
Comment from : @Loff3t

I retired at 51 Git bored and went back to work 2 years later
Comment from : @frankm2385

Only in recent years has the housing market sky rocketed (due to corporate investors and NOT individual purchasing of real estate) there is ZERO reason for most adults over the age of 45 to not be able to afford to retire…except for stupid budgeting, over spending and lack of common sense I retired in spite of divorce as an electronic technician at age 61 (a year ago) with $15million SAVED up and NOT squandered of CRAP over my lifetime brbrReally sorry you WASTED what you could have saved towards retirement…no buddy’s fault but YOURSbrbrThat’s a fact
Comment from : @JeffB-u2n

You can never oversave
Comment from : @eliseumalo4069

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
Comment from : @RichVladd

Nobody mentioned anything about healthcare cost
Comment from : @mechanicman8687

1:10: I can explain this in simpler way: the average is never average Use the median
Comment from : @toordal

0:18: "They've done studies you know"🤣🤣🤣
Comment from : @toordal

Very helpful and precise Thanks!
Comment from : @nunaubzness3266

Thanks for explaing this in understandable English versus fear!
Comment from : @NickBayus-ir3hq

Dangerous to think to much on what other people have and how they live You don't know if the people in the fancy house next door owe a fortune in credit card bills and are going bankrupt, or if they are the quiet multi-millionaire neighbor who drives the same Toyota for 15 years
Comment from : @jamierodg1

Josh, correct me if I'm wrong (and I'm under no delusion that the government won't take the excess) but isn't it correct to say that FICA received goes directly to social security and the social security trust if there is a surplus With that being said social security shouldn't be affected here, and in fact should have a surplus in 2024 That doesn't do anything about the total deficit but that's another topic of conversation Does the government have access to the trust to "borrow" as needed to pay for other expenses?
Comment from : @earl81ful

These numbers stink Americans should be ashamed
Comment from : @iurunner34

Excellent video! Much more helpful than most out there
Comment from : @marybethchambers9410

How do you calculate a monthly inncome from a pension into the full accounting with 401, ira,and investment account and cash
Comment from : @edwardsmcintyre9014

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
Comment from : @dyates6380

What percentage of these people still have mortgages in retirement?
Comment from : @1copen

I'm 63 years old, worked hard my entire life, and I just got fired after announcing my retirement Is that even legal — and what are my options from here
Comment from : @sirloin869

I wonder if these figures apply if you have a small to medium monthly, pension income? Does it help or hurt to have a spouse with the similar retirement income? We're hoping so We're 45 and 51 with about 200,000 between us so far and will collect a small monthly pension, but will still owe on our house at retirement age Nervous as heck
Comment from : @b2y3958

Incredibly encouraging!!
Comment from : @rickbradley9159

Most baby boomers are toast The govt will have to assist this generation beyond SS
Comment from : @scottharrison9083

Midian only works for an odd population What if there are an even number of Americans?!
Comment from : @GAinAsia

Nope You said I could retire I just told my spouse I'm quitting in the morning and watching you everyday instead of working!
Comment from : @Muzzlepaint

Averages are meaningless What is the point of knowing how much money other people have saved? All that matters is knowing what YOU will need to live comfortably Don't bother reading the comments belowA lot of people bragging about how much they've saved There is no one size fits all when it comes to retirement
Comment from : @keysersoze503