How Much Should I Have Saved For Retirement Based On My Age? Retirement Savings & Investing
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- čas přidán 8. 07. 2024
- How Much Should I Have Saved For Retirement Based On My Age? Retirement Savings & Investing
How much should I have saved for retirement? Or, how much money should I have in retirement savings and retirement investments based on my age. That is what we are going to look at today in this retirement planning scenario. At the end of this retirement video, I want to give you 3 ways that you can save for retirement today and make sure that you are saving enough for retirement.
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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If in my 60’s I’m supposed to have 10 times my annual salary, but need 25 times my annual salary to retire and all previous salary saved by age are in increments of a percent or two you’d never could retire. I use those estimates too, but in more of a Venn diagram with my target being somewhere in the center.
Totally agree T. Ray! These are rules of thumbs. Every individual and family is different. I have many clients with much less and they are retired and living very happy. I would look more towards making sure you have a budget and understand exactly how much you are going to need in retirement income and work backwards from there. Thank you so much for the comment!
Great topic for all ages. If you could cover traditional vs Roth that would be awesome. For instance, if you need 2 times your savings by 35 and you make $50k (32k after taxes and 401k) if you have $50k in traditional and $32k in Roth are you technically at 2x savings, or ways to look at it. (Not my numbers). Also cover topics on how to catch up if you are behind (since I'm sure most people are). Great videos, please keep them up.
Thank you so much for the comment! In this video, I do mention making sure to add up all retirement investment accounts when calculating your total retirement savings. We are also going to look at 3 ways you can save more now to get you back on track or enhance where you already are. I think you will like this one sir! Love the recommendations for topics. Keep it coming!
You do not pay $18,000 of federal tax on $50,000,Even if you include Social Security tax.
@@johngill2853 Correct. I never said $18k in federal taxes. I said $32k after taxes which is state (WI is 5% or $2,500), fed (calculator for single shows $4k), social security, and Medicare taxes (assume $7k at least total in taxes). I also said after 401k (assuming 10% is $5k). I didn't say health care/life insurance through work (assume $2,500 depending on plan) which comes out to $35,500. Of course each person is different depending on dependents, health insurance and state taxes. (I didn't even include wage garnishment, alimony, or child support either lol/jk totally kidding)
@@ehderguyyashootadeerorno2313 When comparing Roth vs traditional and after tax value I would use expenses not salary. Many expenses go away after retirement like Social Security and 401K contributions
I have a guaranteed pension so I assume that lowers the amount that I need to have saved. How would I calculate that?
Todd, great question! For my clients with pensions we look more at how much retirement income they have monthly than retirement assets since your guaranteed income is higher than just social security.
Drew I count my pension in my retirement savings calculation. Is that right?
Yes! If you have a guaranteed pension that needs to be included in your calculation. Great question!
No not your annual salary but your annual expenses. I save 30% of my income there is no need for me to count my salary but my expenses for retirement
John, thank you so much for your engagement and contribution!
Just turned 33. I make 90-100k a year. I've got 20k in retirement. I put in 1350 a month with company match and 5k a year into an hsa. Should be good right?
NS, you are off to a great start. I would recommend saving at least 15-20% of your gross income. With the 401k and HSA you are right at those numbers. Keep plugging away and let compound interest do the work!
25x gross salary? We are never gonna get to $4.5m in 10 years.
Doesn't mean you can't retire. Other factors need to be considered as well. Keep working hard!
No the 25x rule is expenses not salary
Yes you are correct! For my practice I like to use salary/income over expenses. I believe most individuals under estimate how much they need for retirement, especially cost like healthcare (video coming soon). I prefer this method. You are welcome to use whatever method you prefer.
@@yourfinancialekg and for those who save prudently for a long time I'd imagine it's a good bet. But for the average person you're probably have to make it on what you have
@@johngill2853 Totally agree. That's why I said you want to have a plan. Good conversation sir!
Great channel! I am 59.5, single male, no kids, no debt and $825,000 in retirement portfolio.
Thank you for your comment and engagement. Keep doing an awesome job!! 🤛
👍
Thank you for the thumbs up sir!
Why tf youtube is recommending me this if I am 18
Because your 65 year old self just called from the future and said, “make sure you save for retirement!” 😂