Average Retirement Savings By Age - How Much Should You Have Saved by 55 60 65 ?

Let’s look at how much you should have saved for retirement. We’ll also look at what to do now to make sure you get ahead of where you are now and how to create a retirement you’re looking forward to.
Dave Zoller

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[bernie]

Consider this. I retired 7 years ago at age 62. My wife retired 5 years ago, also at age 62. To date we have not used any of our retirement money. We are having no issues living on nothing more than our Social Security. Being debt free when we retired is what makes that possible. It's not magic, it's just math.

[casmithc]

Where is the SINGLE PERSON example? You are leaving a lot of people out!!

[Michelle_Sanders]

My question now is how can I get a good financial plan that will not fail after retirement?

[edwardpate]

A large number of surveys show that 25 or more percent of those over 55 have NOTHING saved for retirement. We are heading for that to reach a critical mass.

[patriciamoore]

So annoying that a large organisation like T Rowe Price would not show for Singles also -there are plenty of us out there! Thanks for the info that you share, Dave!

[blackbeardpapa]

awesome video. thank you! while I seem to be ok with 10 years away for retirement, who knows what can happen in 10 years. And that fear of being an old homeless man is still in the back of my mind. So I still need to save like it's going out of style

[jpturner]

Another great video. Thank you Dave 14 months and counting.!

[philmarsh]

Early growth for plants is approximately exponential. The larger a young plant is, the more mass it gains per day. Same with compound interest.

[johngill]

Income? It's expenses that matters (and expenses after social security is even more important)

[Erginartesia]

So .. i sort of did this BUT i determined my REAL pre-retirement income by removing things that come out of your W2, like SS tax, 401k savings, and I also have union fees and a pension deduction. In the end, I took $66k OFF my ‘income need comparison with before retiring’ a W2 income comes with a lot of baggage.

Perhaps you can do a whiteboard episode on this idea?

[beerbrewer]

Great information! Thanks for creating this video.

[francois]

Very helpful video. Thanks. What is the name of the software that is user-friendly (for non-financial advisors) for retirement planning?

[larriveeman]

fortunately I have no debt, a great federal pension, don't need my IRA/TSP, not taking SS until FRA

[wdeemarwdeemar]

I love this stuff but not sure many will have this much saved at 55. But for me personally is great.

[lorim]

A higher wage earner will also draw more social security. Too many factors to consider to use this method. Better to understand your expenses and determine how much you need to withdraw a safe percentage.

[kckuc]

Really the multiplier should be less as you go up

[christopherwhyte]

I’m guessing the multiples are based on the assumption of no pension, which might significantly reduce what’s needed in retirement savings???

[jkmwpc]

I disagree with this analysis. I think the multiples should be reversed with a higher multiple on lower current income. Obviously, someone in a lower tax bracket will likely have a lower social security benefit, and most of their savings will go toward essential expenses in retirement For someone in a higher current tax bracket, they will more easily meet their essential expenses in retirement and have more discretionary funds.

[CSB]

I plan to retire at 65. That's two years ago so I better get saving!

You can probably get by on 1 million if you have no mortgage and live in a rural area.