Less than 300k even at 65 as an average, even worse the median is less than 90k at 65, no way anyone is retiring on 300k and 90 is nothing more than a poor reserve savings.
Truth is if you do not have at least 1 million in your 401k at retirement you will not have a good retirement, you will have a future at McDonald’s or Walmart, which is why so many retirement age people work there now.
You call living in a rundown trailer park and drinking cheap boxed wine not a good retirement? Try it. It's not that bad. And when it is . . no whining just more wineing.
“Truth is if you do not have at least 1 million in your 401k at retirement you will not have a good retirement, you will have a future at McDonald’s or Walmart, which is why so many retirement age people work there now.”
Not true. We only have $100k in a 401k and we have a very comfortable retirement.
I have nowhere near a million dollars in the 401 k, But retirement in a few years should be OK.
My finance guy has worked with me, and figured out retirement income from the 401K, retirement income from social security, And then other savings.
It all depends what your expenses are in retirement. I expect some ongoing expenses to go down. Some will increase. Inflation is the big unknown in future years.
Everyone’s financial situation is different.
Whoa….there. That is so dependent on your current age and any other retirement income that a statement like that is just a bit “hyperbolic.”
Between 401(k), retirements, and SS my wife and I will more than replace our current income. Our house is pretty much paid for, and aside from a HELOC, we have no debt.
Retirement requirements are so individual that one person’s nest egg would seem low to another’s. And at 65, measuring things as if you are in a JR High boy’s shower is kind of a waste of time.
But yes, the median savings is abysmal.
You don’t need a million in your retirement to retire. You need to use logic, figure out how you want to live and what you need. Never take more than 4% out of your 401k or investments and you’ll do ok “if” you do other things right. Your house should be paid off which is huge.
It’s all about planning and if you depend solely on a 401k and SS then you planned poorly.