Do you know how much you need to retire? You might be short by $1 million. Let’s talk about it.

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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.

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[jonasking]

I am also short a million dollars. Just in case anyone is feeling generous…

[Knickerbocker]

Most people waste their money and then complain they don’t have enough to retire.

[-.TS.-]

I’m about $16million short factoring in inflation

[B_More]

you are not taking into account social security. i know we shouldnt rely on that, but it would affect someone that is 55 in your example

[marklechadores]

Those Americans can retire in another nato country where the exchange rate is higher and are predominantly preferred by other Americans for retirement(ie Mexico, the Philippines and the Caribbean)

[TR-lhyz]

It doesn't make sense to only look at 401k balances. I have way more in IRAs than in the 401k at my current company because my IRAs are the rollover from my past jobs. If you only look at my current 401k, you'd miss 80% of my retirement savings

[mikeb]

Your not taking into account guaranteed sources of incone. I expect 36k in social security plus 11k for a pension. I only need 45k a year so dont need to withdraw from savings. Have 850k in retirement accounts that i will not technically need. Ive always lived way below my means.

[Hilighted]

Thank you very much! Liked, subscribed and shared. My absolute favorite YouTube channel by far.

[pedroesquivias]

I did the math and if I keep investing 20% to my Roth 401k by the time I’ll be 60 I would’ve of contributed $560k plus dividends for 32 years. Also another $240k in my Roth IRA plus compound growth and reinvesting the dividends. Also pension and maybe social security but I plan to retire at 55.

[wassup]

I've been contributing 10%, started a little late at age 28 but it's up to 70k now.

[caroljudson]

I'm super screwed, 52 and have 41, 000 in retirement and hsa savings.

[bcataiji]

I plan to have no debt upon retiring. I will just need to pay property taxes, utilities, car insurance, gas, and food along with miscellaneous expenses. I don't need to spend 50, 000 a year.

[samuelcroll]

I don't care about retiring comfortably, the world is fucked and I might be dead, just enough for food, beer, and housing is all I need.

[michaelswami]

If you are 55 and you have a paid for home plus investments outside of your 401K, then those stats are largely meaningless.

[IamAWESOME]

Most people have 75% of their wealth tie up in their house, not 401k buddy. This means their networth is much higher than than 250k 401k in the video

[xqz]

Why I want to spend 50k every year for retirement? On what?

[punisher]

I assume he is not counting Social Security. I would be screwed but thank God that I have a pension and other investment accounts.

[JOESUBA]

I am 53 and I don’t have 10g in my IRA! I am done 😂😂

[bobjayp]

But its not the "average American" it's probably 85% of Americans. Since those folks are going to retire and are going to keep spending to suit their entitled lifestyle, the society and financial churn and money printing apparatus are going to accommodate them. Thus the societal debt will continue to add trillions every few months. Until everything crashes. So those retiring folks ought to continue to borrow, demand benefits from the politicians and spend.

[KlausECD]

Why keep using 65 as retirement age?

67 is FRA for most nowadays

But, yeah, get the overall point

Did these calculations include any form of employer match? Isn’t 50% March up to 6% of salary average?