Average Retirement Savings Balance by Age (money.usnews.com)

submitted 4 months ago by sugar_in_your_tea@sh.itjust.works to c/fire@lemmy.ml

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Here are just the number for all of you degenerates who just want some milestones for your spreadsheets.

Average total retirement savings by age:

<35 - $49,130
35-44 - $141,520
45-54 - $313,220
55-64 - $537,560
65-74 - $609,230
=75 - $462,410

Average 401k balance by age:

<25 - $5,236
25-34 - $30,017
35-44 - $76,354
45-54 - $142,069
55-64 - $207,874
65 and older - $232,710

And retirement savings targets from various advisors:

Fidelity:

1x by 30
3x by 40
6x by 50
8x by 60
10x by 67

Rowley:

1x by 35
5x by 50
7x by 70

Anyway, do you like metrics like these?

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[-] sugar_in_your_tea@sh.itjust.works 4 points 4 months ago

Yeah, owning your house certainly has value, regardless of the financial impact. Life is all about trade-offs, and it's why I have an e-fund despite investing probably having the better expected outcome.

And the average savings rate is also depressingly low. I'm actually closer to an average retiree than a young hire in terms of total savings, yet I don't feel anywhere close to retirement (and I'm retiring fairly lean @ ~$50k expenses). I just don't see how it works for the average person, and maybe it doesn't, and people just have to drastically adjust expectations in retirement.