Retirement Savings Check-Up 2024! How Do You Compare?

Today we're reviewing some of the latest retirement savings data out there and looking at the average retirement account balance is! Is it promising or discouraging? We'll cover that and more!

Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
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0:00 What we're covering today
0:26 Where the data is coming from
1:10 Average Retirement Account balances 2024
1:52 401k savings rate
2:13 Average long-term retirement balances
3:01 IRA Balance increase
4:13 401k IRA millionaires
4:42 How to handle emotions in retirement

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[Jazzwealth]

Thanks for watching! How do you feel about these numbers? What'd you think of the "emotional" survey? Let us know below!

[DonaldMark-nese]

Am 58 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.

[xavier_lucas]

In my 50s, I'm focused on investments for retirement. I've heard of people generating substantial passive income, like someone who earned $650K in under a year on a podcast. What's the strategy for such returns?

[macksphoenix]

Let’s get the comments up! Great content guys always appreciated your work

[Zorlig]

I've certainly saved enough, especially if i work till normal retirement age. I've always wondered what those account averages actually are - my last two jobs had Fidelity 401k, do i go in their survey as the average of two? No idea.

[roburb]

I'm 100% certain I've saved enough, but it's relative to our personal situation. We have more than $M investable assets. However, we also have a military pension, 100% VA disability compensation, Federal Employee pension, etc. I'm 51 and my wife is 41. I'll retire in 3.5 years and she will in 9 when she's 50. In today's dollars, our pensions/disability compensation is $12k a month. If you add 2.5% inflation over the next 9 years it will be over $15k a month. If we add SS (even at 75%), it puts us over $19k a month. We still invest $7/$8k a month. I can't see stopping because our income allows us to do whatever we want and invest that much. It's a great place to be, but I'd give back the disability compensation to wake up every morning pain free.

[chaelnel]

We're ah'ight. Always would like a little more cushion for down years, but we've done well for what we scraped up to save. I've said in other posts, owning your house makes a HUGE difference in retirement 'need'.

[macksphoenix]

Fidelity Investments is down by the way

[DaveCulbertson]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Karen Preston