Average Retirement Savings by Age 50. Will You Have Enough to Retire?

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Title	:	Average Retirement Savings by Age 50. Will You Have Enough to Retire?
Lasting	:	6.37
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3X your income? I was shooting for 10X by 50
Comment from : Devilmonkey

I went to a financial advisor last yearbrThey weren't aggressive enough for me and had no real planbrI found that educating yourself can be much more rewarding
Comment from : Devilmonkey

I knew a lot of people didn't have much saved up, but wow! I'm 46 and have 6x saved for retirement, and was thinking that wasn't enough LOL
Comment from : Jason Doss

It makes sense I’m almost 50 I been maxed out on my 401k and company Roth combined contributions One thing he did not include is the cost of living like NYC, Washington DC, Hawaii, San Francisco, etc) so do you calculate the 6x (he said half of that 3x)
Comment from : A Musa

We are already in a big crash Inflation is a catastrophe This CPI report is a colossal failure To bring the housing market to a halt, the FED will have to pull all the stops The unfortunate issue is that other markets are being decimated If you want to stay green, you have to rely on a lot of diversification Currently up 14 and being careful Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest
Comment from : Ray Christopher

Great video and explanation! Would love to see a current update to this scenario, thanks for considering and offering all your great advice!
Comment from : mcourchesne1

I would be horrified If I only had $32k at 50 Just saying
Comment from : Kona

Thanks for this!
Comment from : LETHO

So if you have saved enough but you cannot retire due to age and medical benefits, what can you do to maybe retire? What options out there for 55+ for tapping into retirement funds? Or should I start saving in regular savings now instead of locked retirement accounts?
Comment from : Deb Johnson

6 x seems low to me I always thought in terms of taking 4 of my investments out each year to live on So every million in investments means I can pull out $40k a year
Comment from : Florida Shawn

33 year old single/no kids with $500k saved I've always been terrible with spending money (love restaurants and a few good drinks) Max out your 401k as soon as you can and open a separate IRA and max that out (started at 23) brbr Living within your means is huge I made some dumb purchases trying to be cool in my 20's (BMW) Once people start getting married and popping our kids no one cares about cool anymore I don't have much "stuff" I've learned that the peace of mind of knowing I'm prepared is far more valuable than the stress of overstepping your financial boundaries
Comment from : garrett james

I just found your Chanel and ready liked it my wife and I are the ones that started at 20 years old and now at 54 we have 12m We worked really hard and no family money given I’m feeling really good after watching this episode Thanks
Comment from : Bruce Cann

so 81 of 50 yr olds have less than 5k saved?!?! that's scary i'm 48- god willing that i keep saving the same percent per month- with this environment/ pandemic, and mortgage paid off at 57- I should have 530 K saved at 595 I intend to live simply til I get SS at 62 or 65 I'm single and paid all my bills myself! great video
Comment from : ap1873

I lost my house plus lots of money in my divorce I have roughly $560,00000 in a 401k , another $15,00000 In stock As an employee of a power company in y 34 th year l have pension which at 65 is estimated at $6,00000 per monthbr All that being said…l live in a mobile home as it’s expensive here in NJ I think l will be able to retire early…but l pay $62500 per week in alimony till my 65th birthday…that is the “ rub”
Comment from : William Zeliff

55 and lost my job Got a million from the the company stock plan so I hired an FA this year and told them I need it to be 2 mil ASAP Am at 18m right now After that, it’s all gravy I am fine paying them 10k if they make me 100k I am fine giving them 100k of they make me 1M I hope and expect they make me 5 mil in next 10 years or whatever In the meantime, I try to scrape whatever to buy dividend stocks and build it up so I get an extra hundred or $500 down the line later Plan b is I will find another country where social security is enough to live on There are a lot of expats in countries with young gold digger girlfriends/wives I heard if you have a kid, you get $1k more in benefits The only problem I see is health care/insurance costs if overseas I actually became a dual citizen for one of those countries so I can buy a patch of land and build a shack or get a condo but I don’t have enough money right now
Comment from : zibo macadangdang

I'm 67, what should I have ????
Comment from : judy conte

6X current income is way low What about potential retirement home costs? What about the potential need for dementia care?
Comment from : Kim Laughon

I'm wondering if some of these people with no savings are people with pensions My sister and her husband are big spenders, but they are both pension employees so they really don't need to save
Comment from : Jenny Nash

This is both enlightening; and frankly terrifying I also grew up poor, worked my backside off, and am above-average on the savings side This is also why I taught my kids to put money in an “auto save” (direct deposit) mode from the time they were working in high school: even $25/paycheck adds up over time when you leave it alone & invest it Keep doing your videos; & we’ll keep preaching on our side 🙌🏻
Comment from : WineRnnr

And after the divorce, it is $16,125 I was watching a YouTube investment channel the other day and even the presenter mentioned losing half of his retirement savings in his divorce
Comment from : Chess Dad

I'm 45 and have $4M net worth My wife and I make a combined $150k and have two kids No inheritance, just saving as much as possible over the last 20 years and investing in the market
Comment from : Retroactive

YOU REALLY NEED 2 MILLION
Comment from : Cameron

I THINK EVERYONE SHOULD GIVE UP THEIR RETIRMENT FOR THE CLIMATE TAKE EVERYTHING OUT AND DONATE TO COMBAT CLIMATE CHANGE
Comment from : Cameron

Super well explained thanks for making this video
Comment from : Lyteck Lynh

thanks for putting this together
Comment from : JohnTube2K

FYI, i have more than number one and I never had a family inheritance or lived at home since I was 16 I got a good job, worked my way up and was frugal , saved and invested
Comment from : Lieu Hazelwood

I would love to get 5 interest on an investment
Comment from : Jay R

what is it with you and assuming top savers have an inheritance? my speculation is the opposite - people with inheritances are probably not savers Most people with high net worth earned the money themselves your inheritance comment is distracting and discredits your message
Comment from : Otto Matieque

These presentations though well intended disregard the growing segment of our country’s populationthe working poor
Comment from : Alain Ouellette

These savings amounts are measly I have a lot more $ than any of these numbers because I saved my butt off! Did not have a trust fund People should aim to save more than they are doing
Comment from : Thomas Talbot

For the 6X or 3X salary saved advice, do you assume if the person has pension benefits upon retirement? Obviously, that impacts the savings needed
Comment from : Joe Rozario

Really selling a persons ability to save short, when you discount them to trust fund or inheritance related Be disciplined in your 401k and each year increase 1/2 your merit to your 401k, until your maxing it out
Comment from : Eliminator

Good video, but I'll pile on the previous comments I also take issue with your dialogue at 3:30, when you say "the problem" are these inheritors of wealth No I, like others have consistently chosen to live below my means, and save the remainder No new cars, minimal restaurant spending, modest house See also Aesop's parable of the grasshopper and the ant I think so many viewers are offended by this because we view ourselves as being responsible, disciplined, and not a burden to others -- the good guys, not the problem Your choice of words, while not intended to offend, seems to excuse and perhaps encourage wasteful spending rather than thriftiness
Comment from : Matthew Wendling

The people with a high net worth tend to be single and have no kids The people with a little to no net worth tend to be raising a family Which category do you fall into?
Comment from : Mark Jones

No!brNo!brNo!brWe didn’t have a Trust Fund and we didn’t put away all our income! Seriously, this is just not smart at all! It’s called Compounding Interest!brThumbs down for sure!
Comment from : Buy&Hold

What about 55 years age? You give good financial advice and tips, thanks
Comment from : Sammy from Alabamy

You and the inheritance thing Lots of us have started with nothing and built substantial net worth
Comment from : Stillnapie

Do you do any videos for the middle class person or are you primarily focused on helping people catch up for retirement?
Comment from : Ronald Cunningham

Stop with the inheritance #1 is possible by working hard and being responsible 47 YO with almost 900,000
Comment from : 5280 Roadrunner

I grew up poor Very poor My parents didnt have much to give me The one thing they gave me that is worth it weight in gold is the ability to use my head Use my hands Use the abilities God gave me I have worked all of my life Iv put money away No trust fund baby living at home here Iv saved about 500,000 dollars Its insulting to me that I'm looked at as if it was given to meI EARNED IT I SAVED I USED MY HEAD
Comment from : Bryan Burke

I find it insulting that the entrepreneur is totally ignored Only Trust Fund babies could possibly be Super Savers 88 of all millionaires are self made Live below your means, work your ass off and invest like the ones you inspire to be
Comment from : Joe Haendiges