Ya the median is what actually matters here as that is what most will have. But utterly frightening is the average is so low even at 273K, that mans TONs of people basically have next to nothing for retirement!
I am at least 8 times the 65 average and own my house and still feel unsure about my retirement sometimes, geesh!
Thanks. I forgot to comment on the abysmally low amount of savings, but that jumped out at me, too.
Good for you on savings! We are 73 and solidly in the “go-go” phase of retirement with “slow-go” not far away, so we are trying to pace our savings draw-down. We are starting to ease up a bit on our miserly ways to travel more while we can. We have one house with a mortgage and own a second house free and clear (except for the eternal taxes). If a crunch should come, we can unload the house with the mortgage. It’s in a very desirable area where most houses sell in less than ten days.
We still have about seven times the 65 average and we are still aggressively invested in equities which has paid off for us. But we watch savings carefully to make sure our draw-down is on track.
But I’m really worried about the possibility of the brain-dead commie winning in November, her tax plans and how that would shatter all of our savings, real estate, and equities. If she should get a tax on unrealized gains passed, we would be royally screwed. We’d have to sell our California home to pay the tax on it, but many others would be in the same boat. With lots of people unloading their real estate holdings at once, prices would crash. At least then our unrealized gain would go way down.
With a safe withdrawal rate of 4%, that means $273k would yield about $11,000 per year. A small supplement to Social Security, but not enough to live well.