Retirement savings by age in U.S.

[Stumpy]

https://www.foxbusiness.com/personal...rement-savings

I wasn't surprised by the amount in the younger age groups but was very surprised at 50 to 59 and 60 to 69.

[AntRobertson]

It does seem low but that excludes other assets such as homes and shares I suppose.

[YourDaddy]

I got a tenner to my name

[Stumpy]

It does seem low but that excludes other assets such as homes and shares I suppose.

Yeah its clearly not a personal wealth avg, just a 401K avg balance by age. That said, I would have figured that 50- 59 it would avg $350 to $400k and maybe 60 to 69 a bit less as people start taking distributions.

[SKkin]

was very surprised at 50 to 59

I would have figured that 50- 59 it would avg $350 to $400k

Here @ 59 going on 60 next month, more than what they say...less than what you say. But I only worked every other week for a long period of time. By choice, so that's on me.

[Stumpy]

Here @ 59 going on 60 next month, more than what they say...less than what you say. But I only worked every other week for a long period of time. By choice, so that's on me.

Well many did or do not work for industrialized companies that offer 401k benefits. Those folks would have to contribute on their own in an IRA or Roth.

[Simon43]

Well, clearly I am totally fcuked......

[YourDaddy]

Well, clearly I am totally fcuked......

A man that can afford Thai Elite Visa must have at least a million bux in a bank account

[cyrille]

^^ I thought you were a member of a group I had previously thought mythical: people who make good money teaching via skype?

[SKkin]

Well, clearly I am totally fcuked......

Don't feel bad Simon, I've got a feeling that medical bills will eat up a big chunk of what I did manage to accumulate. It's time to pay the piper. You've got better health practices going for you...

Those folks would have to contribute on their own in an IRA or Roth.

True. I also kept mine out of the "markets" as in stawks and had it in a MM for a big part of the time.

[Stumpy]

I've got a feeling that medical bills will eat up a big chunk of what I did manage to accumulate. It's time to pay the piper.

Well at least you have some funds to burn on med bills. Albeit I don't think any of us thought our IRA or 401k was going to be used up on health costs when we were saving it.

[David48atTD]

https://www.foxbusiness.com/personal...rement-savings

I wasn't surprised by the amount in the younger age groups but was very surprised at 50 to 59

That's my group.

50-59: $174,100 ... yep about my 401 amount

But add my cash, shares (stocks) and other investments and that amounts increases substantially.

I aim to have circa $300/350k US in the 401k/Super when I call stumps.

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A telling factor is if the individual/couple have paid off their house ... many haven't

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As an aside, I've just opened Superannuation (401k) accounts for the kids.

They are 5yo.

If I deposit $1,000 AUD a year till they turn 18 (then nothing more) and the fund earns 7.5% for the life of the fund
they will have, at age 67 ... $737,484 AUD.
Not a bad return for $13,000 invested. The miracle of compounding interest

The reason for stopping @ 18 is that I'll suggest they start a second fund which they can contribute themselves.

[Stumpy]

I dumped into mine very early and continued to through out my life. You get used to living on that 10% or so less. I did take out a large sum to pay for my daughters college education but feel good as they do not have any tuition debt.

[NamPikToot]

Don't feel bad Simon, I've got a feeling that medical bills will eat up a big chunk of what I did manage to accumulate. It's time to pay the piper. You've got better health practices going for you....

SKkin, you can reduce your risk by learning how to stirfry....

I wouldn't bet on Simon either, he's going to find that pumping testosterone into his 60's and walking around with a permanent hard-on will put undue strain on his ticker...that or dying of mortification when he wakes up hazy next to a ..... bloke