Average Retirement Savings By Age 60. How Much Should You Have? Retirement Planning at 60.

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What's the average retirement savings by age 60 and what does it mean for you?
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Опубликовано:

12 янв 2021

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Комментарии : 106

@StreamlineFinancial 3 года назад

❤️[THE "DO IT YOURSELF" RETIREMENT PLAN] Achieve Your Successful & Secure Retirement WITHOUT A Financial Advisor www.davezoller.com/DIY-Retirement

@dbruce9035 3 года назад

Thanks for not making a 30 minute video. Short, sweet and to the point.

@StreamlineFinancial 3 года назад

You're welcome! Glad it was helpful!

@Retired-jr3qs 3 года назад

I like that your videos are direct and to the point. It's refreshing.

@StreamlineFinancial 3 года назад

I appreciate that! Thank you!

@barbiec4312 3 года назад

That was a quick clear explanation of the percentage you’ll need to withdraw. Thanks.

@Austin84221 3 года назад

Thanks. I like snapshots, especially when I look on pace.

@StreamlineFinancial 3 года назад

Glad you like them!

@dalesworld1308 3 года назад

Sadly, I've never seen school taxes, insurance, food prices or energy costs stay the same.

@larrygiddinge948 3 года назад

Short and sweet -right to the point

@StreamlineFinancial 3 года назад

Yes! That's the goal. Thanks, Larry.

@GilbertFleming 3 года назад

Thank you for the information on the assets of a 60 year old. Another question… What is the average income of a 60-year-old? Lotta folks have large pensions but no savings.

@barbchand5937 3 года назад

Wonderful vlog! Thank you sir.

@StreamlineFinancial 3 года назад

So nice of you. Thank you, Barb.

@bruced.370 3 года назад

Brilliant 👏. Good clear and practical video. I liked and subscribed 👍🤑

@StreamlineFinancial 3 года назад

Great! I'm glad it was helpful.

@Gabriellabonanno 3 года назад

Great video

@StreamlineFinancial 3 года назад

Thanks!

@victoragoo7771 2 года назад

Simple, direct to the point, very clear. Thank you,

@BenRook 3 года назад

Agree w/some other comments...a straight-forward explanation (thanks) and just using Fidelity numbers probably isn't the most representative of all that data out there you can pull from. But I will check out your other vids and for now, add you to my subscribed list. Good luck.

@StreamlineFinancial 3 года назад

I appreciate your comment, Ben. Thank you!

@moneytalkswithjonathanthom4150 3 года назад

Well done!

@StreamlineFinancial 3 года назад

Thank you!

@cajunaccent6609 3 года назад

Great job on the video. Thank you

@StreamlineFinancial 3 года назад

Thank you too!

@chrismaloy 2 года назад

Hey Streamline Financial - I subscribe to your software, and I've really enjoyed it. Many planners are saying we should get out of bonds and move to a better / safe alternative. What are your thoughts on this?

@DavidMiller-du9dy 2 года назад

My ideal portfolio would be one that meets my financial needs for the rest of my life, I’m currently investing for retirement.

@teppertimmy1069 3 года назад

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence! Thanks for sharing!

@Ray3645 3 года назад

Great video -- short, clear and to the point. Thanks so much!

@StreamlineFinancial 3 года назад

Glad it was helpful! Thank you!

@HemiChrysler 3 года назад

How do we agree to define savings ? I think we can all agree to include our bank accounts. Do we include cryptocurrencies ? Company & private pensions ? Stocks ? ETFs ? Gold & silver ? Property (less any mortgage) ? Classic cars (values appreciate) ?

@marshallhosel1247 2 года назад

Thanks, short and sweet.

@StreamlineFinancial 2 года назад

You're welcome!

@stephtraveler7378 3 года назад

Good data analysis. Wonder if the dataset from Fidelity include spousal pension benefits. i.e. spouse has a military or education pension... thus, the 401k means a whole lot less... Also, means and modes are good general info, but they include Bills Gates and Warren Buffet, et al.... I think what is more useful is total retirement broken into percent brackets... Kinda like how to measure new borns and net worth... 90 percentile has a 401k greater than $1m... etc.

@joseperez1085 3 года назад

Very nice video.

@StreamlineFinancial 3 года назад

Thank you very much, Jose.

@joseperez1085 3 года назад

I am wondering if you could do a review of my finances as I am a couple of years away from early retirement. Thanks.

@jamesgerboc 3 года назад

Am I missing something? Im not sure how Fidelity, or any brokerage company, would know people's total 401K balance at any point in time. They would obviously know about monies invested with Fidelity. But how many people have only one 401K, 403b, or IRA these days? I know I currently have four. And the balance(s) were very dependent upon pensions. I could rollover the pension(s), which would obviously change the balance substantially. Or, I could take the pension, which obviously makes any 401k balance less critical. Again, am I missing something?

@bartasher1737 Год назад

You need more than those three items! For example what is your current debt.

@alansach8437 2 года назад

Doesn't how much you "should have" depend on how much you make, your lifestyle, whether you also have a pension, if you are single or married and where you live?

@OnmywaytoFI 3 года назад

Much lower than needed. One thing to think about though is people have multiple retirement accounts that cannot be factored into these numbers.

@davelackey5943 3 года назад

I have a federal pension the Social Security I get essentially is all offset by Medicare payment, we live in the Midwest about three hours from Chicago and have saved $515,000. I will soon have to start taking my mandatory RMD’s any suggestions or comments

@makingretirementpossible 2 года назад

I'm confused.. what does the 500 represent in the match when dividing?

@sunilv9654 Год назад

Who is watching this beautiful video in 2023😀

@Frank020 2 года назад

Hi, do I work the numbers pre-taxes?

@davelackey5943 3 года назад

Where do I find an honest financial planer

@markarndt8044 3 года назад

Your explanation for how much you should have at age 60 for retirement savings is just a 401k, what about other buckets where you have money saved. Like Roth IRA or Brokerage account. Or what you are saying a 60 year old should have $500K from all sources?

@jmmccrary 3 года назад

I think these numbers are probably lower than reality. I think by age 62 many people probably have multiple retirement accounts. I have retirement assets in 4 different accounts. One 401K with current employer, another that was transferred from old employer to an IRA as well as 2 Roth IRAs in a different accounts. None of these are with the same broker. I have only switched companies 3 times over my career which i feel is probably below average.

@user-br7rm3ol2s 3 года назад

probably not. They are not factoring in people who have no retirement savings at all, and that's huge number. We already know that 66% of Ameicans woudl have trouble coming up with $1000 for an emergency.

@tahirisaid2693 Год назад

I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent. I will have an income stream of $20,000 per yr through my super which gives me total $100,000 a yr to live comfortably. I have no debts ... Stay Motivated!!

@defariase 3 года назад

This is yet another fantastic video for those who like to plan and want to be in good shape for retirement. Thanks again for another great video!

@StreamlineFinancial 3 года назад

Thanks, Leo. I really appreciate that!

@davidsiemer7578 3 года назад

Wish I had the $600K but at least I’ll have 4 pensions totaling around $4800 a month

@olliehopnoodle4628 3 года назад

The second half of the video is good. The first half is interesting but I am always a bit suspect when the results come from a specific company. I have a fidelity 401K account, it is about 20 or so percent of my overall 401K and other tax deferred savings. So if they are just looking at Fidelity accounts it may not be a good representation of the 'total' amount people have saved for retirement.

@La_sagne 3 года назад

the first half was great because a LOT of people do either not know the difference between median and average or do not understand how significant the difference can be.

@denishamlin2230 Год назад

How do you receive social security benefits when you're 60?

@cato451 3 года назад

Traditional rules of thumb make zero sense. All that matters is how much is needed to cover expenses in retirement. Eliminate all debt, create a fixed budget and a disposable budget. Fund both with combined cash savings, retirement account investments, and social security.

@metalslather 3 года назад

One of the all time great Live albums of all time behind your head. My personal fav. Seen em' in 79'. You have good taste. I am close to your average number, and i'm 60. I suppose it could be worse...........it could also be better.

@jocktheglide 3 года назад

I have 600 dollars.....

@christopherhennessey8991 Год назад

For those who have less than the $ 320,000 that you had posted ,do these individuals have a continuing income stream such as a defined benefit pension?

@donaldgaff2271 Год назад

Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 40 and my wife 34 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.

@emt52889 2 года назад

What if someone has multiple 401k from different employees at different brokerages

@jcnopenny4725 3 года назад

Can you collect SSN at 60?

@mellievern1161 3 года назад

I'm in trouble.

@deborahparker6518 3 года назад

In your example, is the $4000/mo before or after federal and state income tax?

@VotingForOBAMA1 3 года назад

That's just the point: YOU decide if you need $4k before or after taxes, and do your calculation accordingly (but it would obviously definitely be better to have $4k left over *after* you have already paid your taxes).

@stevemlejnek7073 3 года назад

In your example where you need $1500 per month, 18k per year. Dont you need to withdraw more than that, as those withdrawls would be taxed? Dont you need to clear 1500 per month after tax?

@craignewell8080 3 года назад

That was my question. Much of my savings were tax DEFERRED, not tax free. I would have to withdraw $6k to get $4k in his example.

@johnsanchez5204 Год назад

I have a friend, Who is 54. He only has $500, Currently, Saved, ln the Bank, and He wants to retire, @ 62. Any advice, For my friend?

@墨紫月 Год назад

How can anyone survive on 200k retirement saving ? Unless there is other income.

@robertdunn9407 3 года назад

I don’t care about those who chose not to save. BTW I saved so I’m well above the line.

@jayburdman4371 2 года назад

You forgot another very important number - at what age does this person want to retire? Maybe it's tomorrow, maybe they want to work another ten years. It makes a huge difference.

@mrmatko7243 3 года назад

I would go with 2% rather than 4% these days

@mmabagain 2 года назад

I spent money early on paying off my house so I only have 480K.

@MichaelSmith-xs4wp 3 года назад

Everyone is different, so these numbers might represent a majority of people. I turn 62 this year. I will start collecting social security to supplement my pension. We own our house outright, no other debt with .5 million growing in retirement accounts. So I think we're in pretty good shape. If you're 60-years-old and just starting to plan for your retirement; good luck. The last 5 years of my career, I maxed out my 401k contributions which was matched to a lesser extent - 4% I think - by my employer. Thank goodness for the Affordable Care Act (Obamacare). America needs single payer health care insurance.

@PR_GTR 3 года назад

Im 55 I have $170,000 so far

@sunbeltliving 3 года назад

It's hard to know if they have pensions on top of 401k

@dank1518 Год назад

Need to make top 2% in household net worth. That’s 3 million and more.

@NipItInTheBud100 Год назад

I’d love to see a video of what you should have saved if you want to retire at 50, 55, 60, 62, 65, 67, and 70! Or even some of those! I understand exact numbers can’t be given but rules of thumb types of numbers would be greatly appreciated!

@BourneAccident 3 года назад

You could always cash in all your chips and move to another country and live like a king.

@commenthero4635 3 года назад

That was my plan. But with the way the government is printing money, not sure if that will be a option in 20 years.

@ralphnabozny8494 3 года назад

there is no pension

@theadvocate1925 3 года назад

Good grief. I'm 55 with $1.4m and I still feel I don't have enough. I don't know how these people expect to retire.

@fdm2155 3 года назад

I don't know what I expected but I was very surprised to see that the median is well under 100K for 60 year olds. That's stunning.

@dudley7540 3 года назад

I think you'll be okay.

@davelackey5943 3 года назад

I receive a pension about $5800 a month

@stephenksiazek812 2 года назад

😨

@suzanneemerson9787 Год назад

Who can live on $4000/month before taxes? No one I know.

@dlevy-fp7fz 3 года назад

So what if you have$20.00 and your 56yrs old

@stephenksiazek812 2 года назад

😱

@malcolmtheyeti2871 3 года назад

You seem legit... That’s rare

@StreamlineFinancial 3 года назад

Thanks so much!

@uppercreative 3 года назад

I know Dave personally... he's legit.

@grudgerun 2 года назад

This is good and clear, however a 60yo generally does not yet have access to Social Security payouts, not until age 62.

@bluegillmich 3 года назад

Where should a guy be at 50 years old?

@pipasmr2011 Год назад

Mike Tyson got you too huh?

@Beck-Stein Год назад

Even 600k at 60 is very low

@CarlosRodriguez-hb3vq 3 года назад

Instead of “many, many people have saved less than the median”, why not just say “half”?

@patrickpage1796 3 года назад

Work on your focusing and camera work. We don't need to see the top of your head when you are looking down. You were out of focus for significant portions. Thanks for putting this out there though. You just need to work on your production values.

@StreamlineFinancial 3 года назад

Thanks, Patrick. Right now it's just me putting these videos together but hopefully in the future I can get a more professional eye involved to help with the production value. I appreciate the tips.

@michelesimko7541 3 года назад

Who get $2500 social security

@markbajek2541 2 года назад

Lots of folks get 2500 at FRA and certainly at 70.

@stephenksiazek812 2 года назад

😢

@sbtrnfla 3 года назад

People need to save for their own funerals.....that should be the only guarantee

@uncareid5557 3 года назад

Dude, get real. I'm recently retired, in my mid 60's, and I have a LOT of living to do! I'm buying my wife a new car today, I rode my bike 15 miles before 8 AM, I am going for a swim at 9 when the pool opens. My grandkids come over for dinner every week in rotation, and I hope to break 100. Jesus said he came to give life, and life to the full. I'm living it, my funeral is the last thing on my mind.

@andreashallow7785 3 года назад

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence! Thanks for sharing!