Average Retiree Income and Savings. How do you compare?
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- Опубликовано: 5 сен 2024
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#060(A) [Edited Sabaree] Average Retiree Income and Savings. How do you compare?
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
Do you plan on retiring before 59?
That is what determines it for me. I switched to cash flowing assets because I wanted to retire early.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.
Can you recommend any? I am in need of a Cfp to grow my retirement account.
Melissa Terri Swayne’ is the licensed adviser I use. Just research the name. You’d find necessary details to work with to set up an appointment.
After investing from my salary of 350k for 4 years, I've only made about 8% total, or 2% per year, which my friends say is very low. My employer 401k of $220K returns about 4%. What would you advice to do with my portfolio for improved returns?
I don.t really know your risk tolerance or asset allocation, sounds like just bad stock picking. Also unclear if you have an advisor providing value via financial planning or other decision making. But likely scenario is just bad stock picks. Index funds, Etfs and chill.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m.
i've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
She goes by Melissa Elise Robinson I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I recently sold some of my stocks positions, but I'm retaining a portion for the long term, I want to diversify my $400K portfolio to new gen stocks with massive potential, but I'm uncertain about risks. kinda confused here.
When diversifying, be careful of assets you’re buying into to lower risks. Research and consult a broker for guidance
I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a broker, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
Pls how can i meet this advis0r? i want someone to help me invest an Inheritance, i dont want to lose it to inflation
She goes by Dianne Sarah Olson I suggest you look her up. to be honest, I almost didn't buy the idea of letting someone handle growing finance, but I am glad i did.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
As a dual income high earning household as well as frugal in a very low cost state, I can imagine individuals like us really skew these average net worth calculations based on what we see on RUclips and read on Reddit.
Read the note at the bottom of the chart a 9:24. These numbers are total of defined contribution plans, IRAs, and Keoghs. It does not include things that many people have their money in like stocks, Mutual Funds, etc. Not including these leads to a very misleading picture of people's assets.
I’ve been diligently working, saving and contributing towards early retirement and financial independence, but since covid outbreak, I've been unable to underperform the market, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing! remember you are in for the long haul, however most folks take advantage of global economic imbalance to amass wealth by seeking expert counsel
Agreed, I'm in line with having a license advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio is well diversified and has just 5X in 5 years, summing up nearly $1m as of today.
@@arlenehill4ril i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
Personally, I delegate my excesses to someone of great expertise ''Karen Lynne Chess'' preferably you can vet her online, her qualifications speak for itself.
curiously googled Karen Lynne Chess and at once spotted her consulting page, she seems highly professional from her resumé
Thanks, interesting thoughts. But I like it when you say, "Lets go for a walk."
Yeah, I was in the above average half of employees while working and now I am above average net worth, go figure, was never the best but I always strived to be in the above average half throughout my career and everything worked out OK.
I like to say I was above average for longer than most
Honestly, who cares how other people are doing? Income is irrelevant. It's where you live, how you live, debt, and needy kids or parents
Bingo! One wife, no mortgage needs a whole lot less than alimony & a big mortgage. So a person with a " high" income could be much worse off than another with a lot less.
Average means nothing. Median means everything.
Average means nothing. Median means something. Amount of debt means everything :) I’d rather be a little behind the median and have 0 debt than above the median with car loan credit card debt
No, being in the top 5% ‘means everything!!!’
LOL not even close kid
Because you strive to be median in life? 😂
How much is your car payment bud? I bet it’s high
Always invest, be consistent and it will pay off in the long run.
This. Time and dollar cost averaging are your friends. Don't wait until you are in your 50's to dump money into a retirement fund. Start early and contribute a little every paycheck. It might be too late for some to do that now but they can help their kids avoid making the same mistake they did.
Azul - you look like Jean Luc Picard (Patrick Stewart). I have watched lots of your videos and learning a lot before retiring - soon. Thanks much!
It's sad, I'm not doing _well_ at all, but I'm doing better than about 30-40 of other people in the country.
Great video, The first $100,000 invested was amazing. But when you hit $300,000 it’s like smashing the glass ceiling! I cried.
I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
"Nicole Anastasia Plumlee" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
Thanks for the video. I’ve been paying into SS for over 40 years (over 300k between me and my employer so far) and hope to retire in about 3 years. Solving SS shouldn’t be too hard - 1) only allow people who paid into SS should be allowed to withdraw from SS, 2) increase the employee and employers by 1/2 to 1 percent, and 3) increase the upper limit for SS to 500k. I’m just making numbers up but you get the picture. Working for a good company helps - I work for a great company and they are really generous with retirement contributions so I’m working for about 3 years or so more. Also I plan on working PT after retirement so I’m sure that will help. Anyway, thanks for the video.
Usually your net income is 75% of what the gross income is. When I was working I took home about 66% of my gross because of contributions to the TSP PLUS UNION dues.
Mine Is currently 60%. I put 20% in 401k
"Great video! Amazing insights on average retiree income and savings. Did you know 1 in 3 retirees save less than expected? How do your numbers stack up?"
Azul is like that cool uncle that gives real life advice and wisdom.
Having your retirement funds at risk in the market means that the “amount you have saved” changes continually. This sounds like a trivial point, but it isn’t. The DOW and the S&P have both tanked in consecutive days. My retirement savings amount is probably going to be about $15K less tomorrow than it was four days ago.
It’s all just a lot of numbers. Means nothing. Key is being debt free and have more coming in than going out. Is that number 50K? 100K? 150K? 🤷♂️
Hi Azul, I really love your channel and I watch it frequently.
But, may I suggest that you and your fellow RUclips financial gurus STOP explaining “net worth”, and the difference between “average” and “median” on every single video? Almost everyone is familiar with these terms by now, and the explanations really slow down the pace of your monologue.
Perhaps just put up a link for people to follow if they’re uncertain of the meaning of these terms.
Thanks for that feedback. I wonder this frequently myself. I'll run a test and skip over the explanation on a few videos. 🙏 Azul
These numbers seem very low. I am in a group of 70-something retirees in the NYC area, and we all have considerable wealth. If you had a good job in this area, or owned real estate, you should have at least $100K in income and $2 million in net worth. The same thing is probably true in California.
Of course, there were some guys who made a lot of money and didn't save - we know a few of them.
Net worth is kind of meaningless as far as retirement goes as you have to live in your primary residence and more than likely won’t generate income from it. I guess you could do a reverse mortgage or rent out a room if worst comes to worst.
It still has value. Doesn’t have to generate income to count
@@jrm2383 Agree. If a majority of your net worth is in your primary residence, that’s got to be tough is all I’m saying.
@@rodrigok1220 right
Man those retirement numbers look rough
Rough? Too high or too low?
@@JCizzleSoCal in general folks numbers look too low. We all need to push to be better with our numbers.
Brother Jeff....always bragging and driving a sports car. I think he was adopted but mom is not saying anything.
Does anyone know if the incomes quoted were in "take home" or pre-tax?
I love you Azul but if Janet Yellen said 2 + 2 is 4 I would go run and get my calculator and double-check her
WADR. Details matter: Your example, Jeff makes $1,000,000. So that means 5 make total $1,200,000 / 5 = $240,000 Average ,not $200,000 ;)
At 4:21 you said the median income for 65 and above is $50,000 a year. Is this a error spoken cause I don't know anyone that old making that money. Thank you
Well two people in a house just making the average SS check would clear 48k a year add a pension, 401K, etc. and it goes up to 80-100k a year.
Stats are fun, but they don’t change my personal situation
Very true but I always feel better knowing that I’m not the worst.
Pay off your mortgage when your yearly P&I amount/your expected rate of return < the morgage balance or if your interest rate is higher than your expected rate of return. If neither is true...might be smart to have the morgage and keep the money invested. Just a thought.
I love the channel, but get frustrated by this sort of video theme. In a world where a large percentage of people are waaaaaay behind on savings, I don’t see how it is useful to compare my savings against the average person, regardless of categorization that drives the averaging. If the point is to allow people who are somewhat behind in saving to realize that it could be worse, I suppose that’s good to a point, but still runs the risk of making them overconfident when they shouldn’t be.
Barring that there is some super-precise regulation that says that any useful calculation represents advice that can’t be given on RUclips, I think a far more interesting topic would be to explain, even in high level terms that may drive a curious visit to a fee-only financial advisor, how to reconcile actual savings, expected retirement income and desired retirement expenses.
57, my wife and I pay $18,000 a year for healthcare. This is through the university. Just sharing for others.
A month or year??
Wow. We are retired on Medicare and it costs us about $7500/ year
i hope if my four kids are making $50k each, they aren’t living at home! Get out! LOL
@Azul Do you have a paid call in option.
I think they call it a coach call
I bet you had some interesting clients through the years.
Average sucks
Yea, this country is F----d.
Who cares how one compares? That changes nothing for anyone's particular plan.
With all due respect, what's the point of this video? I'll bet over half of the readers will find that their savings are below your (in your opinion) projections. If they already are in retirement, there is probably nothing they can do to change their financial situation. All these videos projecting where they should be at a certain age aren't worth the time it takes to watch them. IMO
Never compare yourself to anyone else. You are one of one. More BS.
Absolutely!!! Do you live in a high cost of living area and have two ex-wives and children to support or send to college??? Or do you live in a low cost area and never got married and your house was paid off 5 years ago and have a nice pension???
It’s nice to know I’m not part of the 50% that has no savings . Doesn’t hurt to know where you stand