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

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*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF RETIREMENT PLANNING*

Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome

[Danielchirs]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[bernie]

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.

[quant]

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

[crimsonpearl]

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

[robwastman]

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.

[scottengh]

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.

[johncostello]

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!

[christopherhennessey]

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

[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.

[carguyuk]

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

[jessicaknoll]

Great video Kelvin. I must say I love dividend investing, getting those payments in for just holding a company is amazing. from what I've witnessed it all comes down to having a Licensed investment Adviser to handle your portfolio. All thanks to mine, who has traded my savings daily from quarter a million to almost one million dollars in the last 9 months❤✅

[shirleys]

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.

[fortniteking]

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.

[MrCem]

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.

[miken]

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.

[briank]

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

[juliem.]

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

[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.

[patientpicker]

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.

[PH-dmew]

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.