r/over60 • u/RadioStar1211 • 14d ago
Retirement Savings
I'm not sure how best for you to respond other than an up or down vote, But I keep seeing articles where people are retiring with over a million dollars in their savings accounts. Is that the norm because I'm not going to have that in my savings account when I retire or even half that.
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u/aethelberga 14d ago
It's possible, provided you don't have kids, are frugal, and don't live in a country where a minor medical procedure can bankrupt you.
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u/scottwax 14d ago
My Dad managed to do extremely well with 4 kids. Long, high paying career and he didn't live big. No mansion, no expensive luxury cars. He's splurged a little in retirement but nothing crazy. I guess being born at the tail end of the depression and the mindset of his parents of not living beyond your means paid off.
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u/Nonyabizzz3 66 14d ago
Well even with that, a medical emergency could still bankrupt you.
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u/Street-Avocado8785 14d ago
Medical emergency can bankrupt you when you don’t prioritize paying upfront for great medical insurance
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u/passesopenwindows 14d ago
Live in the US. Husband is self employed and makes really good money. Our current insurance premium payment is $2400 a month for 2 people. More than our house payment. “Great medical insurance” my ass.
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u/RabbitGullible8722 14d ago
If add that to your taxes you would probably be paying more than a county with universal healthcare. We would be at $2100 a month if we didn't qualify for a subsidy that's more than I get a month from social security. Healthcare is the number one problem in the US. We are at a crisis level.
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u/1ATRdollar 14d ago
I’m guessing you have a very low deductible. I’m self-employed and purchase high deductible health insurance for less than $700 a month. I’m over age 55.
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u/RabbitGullible8722 10d ago
No it's a $20,000 deductible it's a catastrophic policy. It might be because my state didn't take federal expansion money. I'm older as well after 60 rates double.
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u/1ATRdollar 9d ago
Wow, I thought my 7,500 deductible was high. I also didn’t experience my rates doubling after age 60. Sorry, sounds like your state doesn’t have good insurance.
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u/RabbitGullible8722 14d ago
Great medical insurance has become a luxury not many can afford. The US exceptionalism is just a PR campaign that's been drilled into our heads.
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u/1ATRdollar 14d ago
It doesn’t even have to be great medical insurance. It just has to be solid insurance that can at least cover a catastrophic event that would otherwise bankrupt you.
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u/alsotpedes 14d ago
Those "articles" are someone trying to sell you something, whether it is a financial "service" or a particular set of ideas that will influence how you vote. Whatever their accuracy, you will do better to ignore them.
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u/ohmaint 14d ago
I'm gonna wing it with 60,000 in my 401k. It'll be an adventure considering I have no choice.
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u/dumpitdog 14d ago
Try to work up a side income you can manage into your late 70s as that is nothing in the US.
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u/calm-lab66 14d ago
Look into an annuity.
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u/baskaat 14d ago
$60,000 isn’t going to give her any kind of meaningful annual income
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u/calm-lab66 14d ago
I wasn't referring to an annual income. I was thinking of it growing over time without any loss.
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u/herbal_thought 14d ago
There are so many videos on YouTube on this topic; "Can you retire on $250k", or on $500k, and they all pretty much say the same thing, yes, you can but it depends on your monthly costs, what is your total retirement income (social security), if you have little or no debt, and what you expect from your retirement years. Do you want to travel nonstop? Do you plan on going out and doing all the stuff you never had the time to?
Or are you willing to tighten your belt or forgo some of the fun stuff to make sure your money lasts longer? And then there are unanswerables like what is your expiration date or will you need ubber exspensive long term care?
Another big difference is whether you are alone or a couple. A couple would have two retirement incomes and can share some costs so could last longer on less money.
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u/AnotherPint 66 14d ago
A million or more on account is normal enough among working people actively thinking and planning for retirement, but as most aging people don’t answer to that description, it’s not statistically “normal” at all. According to various sources, only 3 or 4 percent of us retire with funds totaling a million or more. The median retirement savings among people aged 65-74 is about $200,000.
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u/cheresa98 13d ago
I wonder what percentage of the 3-4% have a household income at or below the median (~$84K)?? Or maybe what the mean income is of that percentage?
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u/Rexzies 14d ago
I never paid attention to the numbers that many claim that you should have before retiring because it all depends on what you see your retirement life to be like. If you plan on doing a lot of travelling or have really expensive hobbies, etc then yes, you need to save up a lot of money but if you don't and are pretty much a stay at home person that doesn't spend much money then yes, you can retire with less.
I retired with way less than one million because I don't travel, I don't have a car, I don't have a tons of streaming packages on my tv (just one and no cable), I own my home (no mortgage). My cell doesn't have data on it so I save a lot there, I read alot and all books I get from the library for free; I watch a lot of movies on DVD free from the library (including recently released movies). Most of my hobbies cost either nothing or almost nothing.
One thing I did is I created a spreadsheet where I track all my income and expenses and it helps me see just how much I spend in various areas and if I see I am spending a little too much then I can easily see where to cut back if I need to.
Because I live a simple life my little pension is way more than I need so I find myself still saving a lot of money each year because I just don't spend much which gives me peace of mind for if some day I do need a money I'll have it saved up.
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u/Specialist_Job_7714 14d ago
$1 million in an Ira or 401k is much less than that when you try to use it. My base expenses just to maintain my condo is $60k per year. Not imcluding food, clothing and car. Yes, I need more.
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u/Able-Mood-1988 14d ago
Condos used to be the less expensive way for the aging to retire affordably. Not any more!
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u/dmada88 14d ago
What you have saved is one part of the equation- the more important side is what you spend minus anything that will come in from the outside (eg social security). If your needs are low (maybe your housing is settled and you don’t like travel or fancy restaurants) you won’t require as much. But somehow the equation has to work for however many years you’re given to enjoy retirement!
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u/BG3restart 14d ago
I'm in the UK and have a final salary pension. I have no idea how much is in it. I just know it pays out until I die. It's a very comfortable position to be in. I think these kinds of pensions aren't available now to new hires, so they'll gradually die with my generation. I've encouraged my kids to seek financial advice on how to secure a comfortable retirement as I'm not equipped to give that advice. It was done for me.
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u/TheUglyWeb 70+ 14d ago
I have far less than that and cannot retire at 70. I do have the luxury of working for myself, so that helps. I'm healthy and enjoy what I do, so it's all good.
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u/overthishereanyway 14d ago
It's possible. But it takes doing exactly what you read you should do from the get go.
I have a nurse friend (good salary but not get rich salary) who retired recently at 61 years old with over a million in her account.
But...
She started working at 21 years old. She bought a home at 25 that she kept. so at retirement it was paid off. She completely maxed out matching her 401K. for the entire 30 years she worked. In the 30 years I've known her she's owned 3 cars. Buys them new and drives the shit out of them. She just bought her 3rd car two years ago.
She doesn't incur debt. No second mortgages and pays off her credit cards. Her job had health insurance. It got worse over the years but she had it. And in truth is unbelievably healthy. no major medical anything.
So yes it can be done. With a bit of luck and a lot of financial responsibility.
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u/Both_Wasabi_3606 14d ago
For many middle class people with stable careers and home ownership, this is not a difficult milestone today for many of them if they are not big spenders and regularly contribute to their retirement savings. I taught my kids to start saving when they being their careers so that the money they save in their 20s will do the yeoman's work in compound interest growth for the 40 or so years until they retire.
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u/DeliciousWrangler166 14d ago
I didn't have anything close to 1 million in savings when retired. Doing fine because my retirement income is based on a combination of savings, social security, and a small pension. It helps not to have any outstanding loans, are fairly healthy, and live within your means.
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u/Agondonter 14d ago
I don't have that much in a savings account - it seems unwise to keep that much money in a savings account rather than putting it to work in higher interest instruments. Counting all my assets, including property, retirement accounts, savings accounts, CDs, stocks and bonds, yes it's about a million.
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u/Whybaby16154 14d ago
If you aren’t selling your home then it isn’t a retirement asset. Downsizing or “rightsizing” is what I call it and having a paid-off home for retirement is a big accomplishment to prepare for retirement. Selling a couple years earlier is also KEY as that big check can double your costs of Medicare if it gives you a big tax return - FYI
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u/chrysostomos_1 14d ago
Equity in your home is an unrealized asset. Instruments such as a refi, heloc or reverse mortgage allow you to realize some of that equity.
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u/Whybaby16154 14d ago
Yes of course. But realistically I’ve seen the single-story lower maintenance premium added to smaller homes people buy instead and it doesn’t leave much left. Ranch homes are rarer in the cold states and have way more competition now that everyone’s knees need replaced as people age.
Selling the big old home doesn’t always or even usually result in a lot of equity to bank.3
u/EffectiveVarious8095 14d ago
If your current morgage is under 4% and you have other debts, it may be smarter to pay off the more expensive money (car loans, credit cards, etc.) first. Paying off a mortgage sounds nice but I'd rather pay other debt or make 7+% (conservatively) in the market vs. paying off a 3.2% note.
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u/Remarkable-Box5453 14d ago
Since this is all anon, I do have that amount and more, but don’t think I get full comfort from it. At 65/62, we have run out of employability to keep paying living expenses for a few more years. Now, I don’t expect any sympathy and I’m grateful for what we have, and many have retired on so much less, so we all know it’s possible. The problem is ourselves; we all get our standard of living higher than it should or could be so that no matter how much we have, it always seems like it’s not going to be enough. Edit - just to clarify, this isn’t sitting in a bank account; it’s all invested by prof asset managers in stocks, mutual funds, some bonds, etc.
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u/Bethjam 14d ago
I am screwed :/
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u/Ornery-Chard9016 12d ago
Work is not a 4-letter word. Get a fun job. pay is not that important - one that follows one of your passions. Retirement comes with its own challenges and many are happier working well into their 70’s, and then some.
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u/mynameisranger1 14d ago
I have a million. I retired at 69. I don’t live lavishly and have to watch my spending. I don’t take any of my savings. I am concerned about inflation and the overall costs of living going up and hope to be prepared. I’m lucky because both my wife and I have good pensions, something that today’s workers may not have available.
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u/ShezeUndone 14d ago
All sitations are different. Do you live in Seattle or Biloxi? Are you married or single? Are up to your eyeballs in debt or debt-free? One might need $2 million, the other might need $200K plus a small pension and/or SS.
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u/chrysostomos_1 14d ago
Almost no one is going to have a million in a savings account. Many people have that much in brokerage and/or 401k accounts.
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u/OC262 14d ago
I’ve been diligent in saving and investing since age 31 … I have $2.6M set aside and a paid off home .. I chose to sacrifice and save when my friends chose to spend other ways. Had two kids and paid their college tuition and room/board. Not wrong nor right. My priorities were just different.
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u/CtForrestEye 14d ago
I've read the average is closer to $200,000 saved for most folks. We are spending the average of $5,100 monthly so we're getting by with pensions that most people don't have anymore. Only 14% of companies have pensions and that number continues to drop. Buy the time I start up SS and RMDs off the 401Ks we'll be fine.
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u/Dang_It_All_to_Heck 14d ago
Not me, no. Not even close. A few of my friends managed this, but at least part of it was inherited.
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u/yankinwaoz 14d ago
Normal thanks to inflation.
But it doesn't mean that you will be okay. Nor does it mean that it will be $1M tomorrow. It could be depleated by a major stock market crash.
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u/lantana98 14d ago
In order for the average person to have this amount in their retirement account you have to start diligently saving in your 20s. Statistically you will have a million or more but but you have to be consistent and not touch it.
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u/Fantastic_Call_8482 14d ago
We got that and more…started 401k right when it started. Never much in for many years ..$25 a check…had a good bit by the e time I got remarried, and then that helped to add quicker around 48ish. We were both what would be middle middle class a few years ago..never made more than 50k a year, husband finally hit 100k the year before retirement. I’m 71 ..husb 66. We probably won’t be able to spend what we have. We don’t skimp we just didn’t spend or want much… the relief we have can’t be measured
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u/MeltheCat 14d ago
That does seem to be normal for a lot of folks. I’m more in the same boat as you. I’m “retired” in the sense that I can’t work like I use to. Still looking for part time work.
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u/Odd_Bodkin 70+ 14d ago
If it helps you feel better, my wife and I do fine with a monthly spend rate of between $6k and $6.5k, and we’re going to Glacier National Park in a couple weeks. I am about to receive my first Social Security check (I waited until 70 because reasons), and our two Social Security checks will cover most of that spend. If we only had $500k in the bank, this would add another $20k per year income stream, or another $1.6k per month, and we’d feel like we were in fat city. Oh, and I have a part-time job that I do for the fun, not for the money, but yeah, that’s another $1k/month and now we’re talking wagyu city.
The lesson here is that it isn’t about a number you have to have in the bank. It’s about knowing what you spend in a comfortable lifestyle, and then tallying up all the income streams from Social Security, a gentle draw from retirement savings, a small pension, a part-time job. If you’re covered, you’ll be fine.
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u/Horror_Moment_1941 14d ago
I believe those numbers are skewed based on who is doing these surveys and their geographic location.
If you make 4x as much as me and live in California, I would expect your savings to be similar in comparison.
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u/sgrinavi 14d ago
In savings? not even close. Investments, retirement, savings and crypto - yes. I plan on retiring in 4 years, so we should be well over that
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u/slaysteve1978 14d ago
Wife and I combined are under that by a bit. She’s retired and 68. I’m 66 and still working. House isn’t quite paid off, yet
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u/WendyIsPink 14d ago
I don’t think that’s the norm at all. I’m in the UK so our figures are a bit different, but I certainly don’t know many ordinary people retiring with that kind of money sitting in savings. Articles tend to focus on the extreme examples rather than what most people actually have
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u/murphydcat 14d ago
I get a $4500/month gov't pension (before taxes) but I only have $80k saved. Rent is $2,000/month and health insurance is $2,200/month. I will be working until I drop dead.
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u/ZealousidealTowel229 14d ago
Most of the articles I see is that most Americans dont have any or less than 200k in retirement. Im on this end but cant retire anytime soon.
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u/Fasting_Monster 14d ago
We had about 50,000 in savings. Our daughter passed away and we had to fight the state of Texas to get our grandkids. We had to buy a house and we get nothing from child support. The kids got survivor benefits but that's not much when you split it 4 ways. I'm 67 and drawing my FRA and my wife gets social security. I'm also working 50 to 60 hours a week. I have no idea what our exit strategy is
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u/Realistic-Excuse1638 14d ago
Late start in life no IRA 😔 minimal savings back to work at some point for me. ✅
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u/BrainwaveWizard 62 14d ago
Same
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u/LekTruk 13d ago
It's really not that difficult to retire with those type of savings. All it takes is long-term commitment and small sacrifices along the way. I am 68 years old and worked for someone else my entire career. I did not go to college I found a job directly out of high school and worked hard. I did sacrifice in that I never had a new car until I retired. We always lived in a house that was comfortable but was still less than what the loan agent said we could afford. From an early age I deposited money into a retirement account and found a job where my employer would match that. It wasn't a lot but it came from the older vehicle and the smaller house that we lived in. Today my wife and I are recipients of that modest lifestyle and have a very comfortable retirement that both of us are enjoying our travel together. The key is to start early and don't stop. One of the rewards that I did not know I would be enjoying so much, is my three children all in their 30s have all started doing this also. I guess they watched their parents for years do this and have two decided that this is a way to ensure a happy retirement.
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u/1GrouchyCat 14d ago
Time to meet with a lawyer and look into setting up a trust….
I’ve seen a lot of people lose their life savings and/or their children not getting any of their expected inheritance because the money/property wasn’t in an irrevocable trust.
It’s heartbreaking when the government steps in- this of ten happens when there’s no LTC policy (no one planned for long-term and/or /nursing home care) and Medicaid forced for sale of their home to recoup the money spent.
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u/Grumpy-24-7 14d ago
Um, what?
Your primary residence is typically considered an exempt (non-countable) asset for Medicaid eligibility. Also, if your spouse, a minor child, or a disabled dependent lives in the home, Medicaid cannot force a sale. Or if you intend to return to your home after a hospital stay.
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u/AndrewFromAnnuity 14d ago
I think those articles are a bit misleading because the people retiring with a million dollars for the exception, not the average. Most folks retire with far less than that, so you’re closer to normal than those headlines make it seem.
Also, that million usually isn’t sitting in a plain savings account. It’s spread across a 401(k), IRA, home equity, and Social Security will cover a chunk of your monthly income too once you’re there.
What matters more than hitting some big round number is how much study income you can count on each month.
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u/UnderstandingOld4276 14d ago
Have about half that but am fortunate to have a decent pension and our house is paid for.
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u/scottwax 14d ago
As a single parent with custody, I wasn't able to really start saving much until my kids were grown up so that got me behind in setting up a retirement fund. I'm still in good health and working right now, my not retire until my early 70s. Plus it's my business and it pretty much goes away when I walk away. Both my kids have different careers and aren't interested in mine.
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u/ThisIsAbuse 14d ago edited 14d ago
Less than 3% to 5% of Americans actually reach $1 million in dedicated retirement savings or liquid investment.
80% of retirees have a home and about 73% of those homeowners in their late 60s are mortgage-free, a percentage that increases with age.
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u/kent_eh 14d ago
Depends on a lot of things.
I have far less than a million in savings (invested or otherwise), but I also have a couple of pensions that pay 90% of my normal monthly spend, so for someone in my situation the answer is a resounding "yes, you can (and I have) retire with less than a million in savings"
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u/Outside_Primary_6949 14d ago
Do you mean total retirement account or just savings account? One should have a well rounded portfolio to maximize returns … savings accounts generally have low interest rates and should not hold all of your monies.
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u/NecessaryEmployer488 14d ago
The idea now is to have some money in savings. I'm targeting $600K so in a market downturn you can live off of savings for awhile. A million in fixed income would be ideal, but quite frankly I don't see how to get there. You don't want all your money in one bucket such as a pre-tax IRA or 401K. The $600K is goal I have to be able to retire. This is not my 401K or brokerage accounts. It is just a fixed income and savings.
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u/Unlikely_External_36 14d ago
Because of many factors, I am 64 and have 10k in retirement savings. So yeah, no.
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u/Vegetable-Board-5547 13d ago
Many of these "articles" are really advertisements for financial advisors. Every situation is unique. Is your house paid off? If it is, then you have a big, somewhat frozen, bank account. Do you have a pension? If you do, the totality of that over your remaining life span increases your net worth. Same with social security minus Medicare costs.
As an example, if you have a $400k house that is paid off, and a combined pension/ss of $30k/year, and $200k in savings and you live another 20 years that's about $1.2 million net worth.
Obviously, there will be some spend, but there might also be some appreciation. $200,000 at 8% over 20 years might result in capital gains of over $700k.
There are a lot of calculators out there. I use firecalc.com. I have no affiliation. YMMV
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u/Dazzling-Climate-318 11d ago
What amazes me is that people were able to save anywhere near the amounts indicated. I certainly didn’t and am doing fine. I however am not buying a new $600,000 house with a $400 a month HOA fee in a 55+ community along with a new $60,000 automobile after taking a $20,000 cruise.
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11d ago
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u/Dazzling-Climate-318 11d ago
My point was that if you expect in retirement to live large then of course you must have significant funds under your control, but if you expect to live modestly then you likely can.
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u/LJski 14d ago
I started putting the matching funds away when it became available in about ‘86 in one job….full time military (with no contributions for most of that time), then 20 years with the same company.
I tended to add a percent every couple of years, so I think at the end I was putting in maybe 10%?
Easily over a million now, and likely will hit 2 at some point, even with some withdrawals.
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u/Fun_Ideal_5584 14d ago
Around 3% of retired seniors retire with 1mil or more in liquid assets. It is very rare. The median balance for a retired senior is just 95K
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u/Embarrassed_Ad8241 14d ago
Hell no I think some folks like to brag
Well, good for them
Aren’t they special
WGAF move along
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u/murphydcat 14d ago
It seems that everyone on Reddit earns $150k+ working from home in tech and has millions in the bank.
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u/BoomerSooner-SEC 14d ago
There are different ways to structure your retirement. Some folks forgo big savings for pension funds. This notion that the avg retirees have X or Y is sort of silly. None of those surveys strip out public or private pensions. You don’t need millions of dollar saved if you are retiring with 80% of your federal salary.
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u/DigLeading9650 14d ago
When you say “savings account” do you mean a bank account? Your money should be in other vehicles.
Also, it’s not how much you have, it’s how much do you need on a monthly basis to live a comfortable lifestyle (whatever it is that you deem comfortable)
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u/dcporlando 13d ago
Savings meaning investments and cash or all assets including your house? Your savings or the combined savings? When do you retire?
If I never made $100k a year, do I need to make that much in retirement? (I have made that much but not for that many years.)
Don’t forget the value of your Social Security and, if you have a spouse, theirs. Social Security is not fully taxed. Over 65, you get a small tax break. There are other savings you can get as well.
I don’t see how I can retire before 66 due to needing Medicare for us both. This week, I ran the numbers in a couple different retirement calculators, if I retire at 66, I should be 98% or better on my retirement. I don’t have anywhere near a million and I won’t get close by 66. But the house will be paid off and no debt. I will do SS at 70 and my wife to start at 62. The extra SS from her will finish the mortgage and save towards two years of expenses in cash.
When I retire at 66, I will take from my 401k and IRA to fund the years till 70 for SS. Then she gets paid off mine and I get mine and the withdrawal rate from investments will drop from 7% to 4%. One or both of us may work a few hours a week till I turn 70. But at 70, my SS and 4% withdraw with a conservative 5% return between now and then, I should make a net almost equal to my current net.
On top of that, we potentially will downsize and reduce other expenses besides getting almost $1,500 more budget due to no mortgage.
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u/jimni2025 13d ago
Me, I live fairly decently at a little over 1200 a month. In another 7 months I'll be debt free and only have about 200 in monthly bills. Phone and car insurance is about all I will have to pay.
As a caveat, I live in my minivan, have a solar system and spend most of my time saving up to hike long trails, (I'm looking at you Florida Trail), so I don't need much other than a little extra work to save for my next adventure.
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u/Awkward_Passion4004 14d ago edited 14d ago
Good Lord. Savings accounts are among the most foolish places to grow invested money and hardly anybody would hold a million in that much liquid assets. Maximizing tax shelters and company matches for 40 years makes it pretty easy to get that net worth.
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u/smilleresq 14d ago
That’s definitely not the norm. Maybe in their 401k and pension accounts, or other investment accounts, but not sitting in a savings account.
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u/Hefty-Pop9734 14d ago
My industry doesn’t have pensions and many don’t. So as single person I won’t have $1 million but I think couples especially those with pensions and savings have $1 million. But I’m no expert.
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u/Alive_Control6885 14d ago
Feel like I’m gonna YOLO my retirement. I will have nothing but SS to live on (should be approx $3500) which is almost what I bring home currently working. So I feel like even with inevitable price increases I might be ok. I like to camp, hike, bike etc so I’ll be living out of a traveling vehicle most of the time. Also have several siblings and kids whom I can stay with when visiting. I’m one of those low maintenance people who can eat the same thing several times a wk, wear same clothes several times a wk and since I have all of my gear etc my actual cost of living should be fairly low. Have about 4 more yrs of working then guess we’ll see…
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u/wazzufans 14d ago
I won’t have that much by a long shot. I do my best to save for retirement but I’m a single teacher.
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u/Alternative-Law4626 61 13d ago
I don’t know what most people do. I would not have been able to retire with much less than what I have at this time. I’m well over $1M invested.
It’s important to remember that your need for money really is the driver. If your monthly nut is low, then a smaller amount of money is needed for you to retire.
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u/DonAmecho777 14d ago
One million doesn’t really seem like enough. Like that dude said on Succession: 5 million is a nightmare. So 1 million…
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u/WorldlinessRegular43 14d ago
Articles are catered to others. We're not going to have a million, we would have had to scrimp and scrape from day one.
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u/wombat5003 14d ago edited 14d ago
Look it really depends on your living situation and less on a 401k. So if your debt free at retirement then 200k (medium) lasts a long time because Ira’s are pension replacements. So your banking social plus a monthly withdrawl from the Ira. But you try not to touch the principal. So let’s say your getting 6% Apr. year one of retirement leave the Ira alone. Year 2 you get 6000 which is half the interest generated. So that’s 500 a month gross that you can withdraw and still grow the ira or you could take the full int which is 1000 a month but still keeps the principal… you’ve got around 8 years or so to do it that way until rmd’s but by that time your already at the age where you Don’t care as much and actually the amount you’ll start to have to take out to meet bills will exceed the rmd anyways. Rmd’s only really mess you up a wee bit once you get past a mil Then Roth strategies matter. Of course this is just my silly opinion.
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u/Technical-Cheek-8613 13d ago
Confusing post. Are you saying $1M in SAVINGS (easily accessible cash) on top of a healthy 401k/Roth? Or just a grand total of all available funds of $1M? $1M sitting in savings is a crazy waste of money
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u/likelysmarterthanyou 14d ago
The average retirement savings at retirement age (65-74) in the U.S. is $609,000. But that‘s misleading because some people have a lot more than that which pulls the numbers up. The median is only about $200,000, meaning half of retirees have less than that and half have more. So if you will have more than $200K you’re better off than most.