Comments on: Average Retirement Savings by Age – How Does Your Savings Stack Up?

By: Jeff Rose, CFP®

Jeff Rose, CFP® — Tue, 05 Apr 2022 15:24:09 +0000

In reply to Steve. Depends on how you are currently invested.

By: Steve

Steve — Mon, 24 Jan 2022 21:51:00 +0000

My wife and I have saved $2.6M (not including $600K of equity in home) we need $12K a month from retirement. How long will $2.6M last?

By: Jeff Rose

Jeff Rose — Wed, 18 Apr 2018 22:33:30 +0000

In reply to DannyG. Hi Danny - What you and your wife did with your house is the most basic path to financial success - as your situation proves. Only by living beneath your means can you accumulate real wealth. And you're absolutely right, the house you buy sets the tone for your general spending levels. Some houses, in certain neighborhoods, affect your entire spending pattern. Cars, furniture, what schools your kids attend, even the vacations you take. You and your wife made a very smart money decision, and it didn't even have anything to do with investing! Good for you both!

By: DannyG

DannyG — Sun, 15 Apr 2018 14:48:43 +0000

My wife and I are 57 and 61, respectively. We have around $1.2 million set aside for retirement. I think one of the best decisions we ever made was over 20 years ago when we purchased a house that was about half of what we qualified for. It was financed for 15 years and paid off early and we still live there. As we look at our circle of friends, many of who have bought homes at double the cost of ours, we realize that it’s not just the cost of the house, it’s all the increased expenses that go with it – utilities, taxes, furnishings, etc. – that have increased their cost of living. My advice to folks would be if you’re willing to not “keep up with the Joneses” and “buy in” way below what you “can afford,” and then put aside the difference, you will be rewarded exponentially down the road. It’s worked for us.

By: Jeff Rose

Jeff Rose — Thu, 29 Mar 2018 00:02:57 +0000

In reply to kevin meek. Hi Kevin - I think everyone has some reservations about retiring. It's natural since you're about to give up what has been a reliable income source for a very long time. But you and your wife are well prepared, so try not to worry too much.

By: kevin meek

kevin meek — Wed, 28 Mar 2018 04:01:38 +0000

I am soon to be 69, still working but planning to retire in 15 months. My wife is 67, retired and has a city pension and is taking social security. I am taking the
spousal benefit. Net Worth is North of 500K, which should place us in the top
15% of those prepared for retirement, yet I am still feel less then confident.
I have always feared a wolf at my door, but we have been prepared and
weathered the rough patches.

They do not need to raise SS taxes, they need to raise the ceiling on income
that can be taxed for SS

kevin

By: Dwight Brawdy

Dwight Brawdy — Fri, 29 Apr 2016 18:48:01 +0000

I agree that we all should save as much as possible and I did all my life. I grew up in a very poor family but not because my parents didn’t work and manage, it was because of my mothers health in the mid fifties with no health insurance. My dad lost the family farm because of hospital debt. I grew up working at a young age at what ever work I could get. I had determination to claw my way out of poverty. We all should realize that there are some things that just happen and its not always because of mismanagement. Today at age 70, I am in the top 10% of people with a decent savings account and still watch it closely. Also, after you save it, you have to learn how to keep it!! There are PLENTY of scams out there and many of them are STOCKBROKERS!!!! BE CAREFUL of the people you let handle your money!!!!!!!!!!!

By: Dwight

Dwight — Fri, 29 Apr 2016 18:21:43 +0000

In reply to Jacob @ iHeartBudgets. Jacob@iHeartBudgets, At least you woke up to the fact that you needed to save more! MANY DONT!! Trust me Jacob, Social Security is not much to try to live on and it probably be cut in the future. I am retired and I know how it is. During my working life, I always scrimped and saved every dime I could. I always bought good used cars instead of new ones because of depreaciation and never charged anything, no credit cards. The whole time, I watched co workers squander most of what they made. Today those same coworkers live from one SS check to the next.

By: Dwight

Dwight — Fri, 29 Apr 2016 18:03:02 +0000

In reply to Linda. Linda, you sound like one smart cookie!! I am a guy who is retired and I am sure glad that I scrimped and saved when working because I have had a secure retirement so far. I watched many co-workers squander money and make fun of me for being "Tight" , but now their retirement is from one pension check to the next! So many people have no common sense when it comes to money. GOOD LUCK to you, hope you have a wonderful retirement!!!!!!!!!!!

By: Linda

Linda — Sun, 17 Jan 2016 09:54:53 +0000

I am ahead of the curve, but given that these numbers are dismal, being ahead of it is only slightly encouraging. I have 9 years before I’m eligible and currently ok, but no where near where i wish to be.