Here's how much the average family in their 50s has saved for retirement

CNBC ^ | 04/22/2017 | Kathleen Elkins

[SeekAndFind]

By age 50, your golden years are just around the corner.

To be financially ready to retire by 67, retirement-plan provider Fidelity Investments says you should aim to have eight times your salary saved by age 60.

Are Americans on track?

According to a report from the Economic Policy Institute (EPI), many Americans have some catching up to do. The mean retirement savings of a family between 50 and 55 years old is $124,831. For families with members between 56 and 61, the mean retirement savings is $163,577.

But those numbers aren't representative of the state of American retirement. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge than the mean.

The median for families between 50 and 55 is only $8,000. For families between 56 and 61, it's $17,000.

[tiki]

We only have 50K in liquid assets and we’ll get SS. We have a lot of land but that is not always easily converted to cash. We’re 63 and I told hubby he can retire when he’s 70. He can also hire some more help and do a lot less work in the meantime.

[Two Kids' Dad]

That’s a scary chart! Two Kids’ Mom and I are fortunate enough to be in the brown category, but I’m still worried that we won’t have enough for the future. It would be a lot more comforting if we were in the double-comma club.

[proxy_user]

No, not me. But I did spend $45,000 sending my nieces to college.

[varina davis]

save

[tiki]

We only have 50K in liquid assets and we’ll get SS. We have a lot of land but that is not always easily converted to cash. We’re 63 and I told hubby he can retire when he’s 70. He can also hire some more help and do a lot less work in the meantime.

[freepertoo]

I’m with ya...61 and sooooo ready to retire! I don’t have much saved, but I should be fine.

[trisham]

Best wishes, dear.

[fella]

For once in my life I’m above average.

[rb22982]

You should read the millionaire next door

[Billthedrill]

Just retired in January at age 64. It's four years later than my goal, which was 10 years later than my original goal. Stuff happens. In my case it was one bad investment and credit card debt, the latter entirely avoidable but I didn't. It cost me about five years. Think of it that way - time may be money, but money is time.

What saved me was a (very) little discipline and the miracle of compound interest. A hundred bucks a month doesn't sound like a lot but twenty years later, it is. Just tuck it away and forget about it. As someone else said, pay yourself first and make sure it goes into a place with the least taxation.

When you get close, time gets weird. If you don't have a plan in place, you end up out of control, behind the power curve and thrashing to catch up. I had it on a calendar, and I recall repeatedly looking at the thing and saying, "It's time for that, already?" It is hard work to retire, you don't just slide into it unless you don't mind some possibly negative outcomes. Such as starvation.

Here were my goals:

1. School debt paid off. That was easy for me and will be a bitch for my nephews and niece.

2. Retirement home bought and mortgage paid off.

3. Car paid off.

4. Credit cards paid off.

5. Investments transitioned to retirement status (this is a moving target and be prepared to manage it)

6. Plans for medical benefits thoroughly investigated and in place - I can truly say that 0bama cost me a couple of years in this regard.

7. Most important: think through what you're going to be doing in retirement. Retire to something, not from something.

My friends have a bet that I'll be bored off my butt and working for a salary in five years. I don't think so. No, indeed...

[rb22982]

Yup - most millionaires are like your family.

[rb22982]

Earlier with 72(t) SEPP

[Mears]

Good for you.

Just a quick question-—were you a two income family the entire time?

.

[Roman_War_Criminal]

That’s where reverse mortgage’s come in I suppose. /s

[SaveFerris]

[An entire population class too old to work and too poor to support themselves.]

[SaveFerris]

I’m afraid I’m hoping for the prize to be split, lol.

[Windflier]

"For families with members between 56 and 61, the mean retirement savings is $163,577."

LOL!

At 63, I have exactly $0.00 saved, and I own a business.

[SaveFerris]

I am right there with ya FRiend, though I DO have nearly $2 saved in my checking accounts. It might be closer to $1.25.

I DO have an old $2 bill in the safe. So there’s that.

I probably passed by your area a few years ago looking for work in Texas. Well, I was in the areas of McKinney, to northwest of Dallas, on down towards Spring.

[Windflier]

I could easily retire today. I work because I choose to.

Well gee, aren't you special?

It's not good form to brag on a thread where 90% of those reading, have a completely different life picture.

[GOPJ]

My brother had his knee replaced last year. He has the medigap "F" plan (about $190 a month. It's only "guaranteed acceptance" for the three months after you turn 65 and have medicare - so don't miss the deadline). Brother's knee procedure - billed close to $100,000 - - cost him ZERO. No co-pays - ALL excess charges paid in full - doctors, hospitals etc. If you know you're going to have required surgeries do yourself a favor.......Get the "F" medigap plan and keep your money

I've had the "F" plan for years... I have not paid one dollar to a doctor since I got it - and there are NO NETWORKS. Go to the best doctors your town has to offer... And don't let insurance people talk you into a different lettered plan - NONE of the rest of them cover excess charges... You don't want A or C or G... None of them give total coverage.

https://boomerbenefits.com/medicare-supplemental-insurance/medicare-supplement-plans/medicare-plan-f/