馃攳
What's The Average 401K Balance by Age and How Much Should You Be Saving For Your Retirement - YouTube
Channel: Oak Harvest Financial Group
[0]
what's the average 401k balance by age
[2]
in this country how do you compare to
[5]
others and how much should you be saving
[6]
each year for retirement hi I'm Troy
[15]
Sharpe CEO of oak harvest Financial
[17]
Group certified financial planner
[19]
professional and host of the retirement
[21]
income show when it comes to saving for
[23]
retirement many of us are in the dark we
[25]
don't know how much we should be saving
[26]
and also we don't know how much other
[28]
people have are we on track are you
[31]
behind where are you at in what you what
[34]
should you be doing to pick it up so you
[36]
have more money in retirement in all
[38]
money is it's a resource it allows you
[40]
to do the things that you want to do to
[42]
have the freedom to decide or not worry
[44]
I should say if you go on vacation
[47]
should it be for five days or came to go
[49]
for 14 days should you stay in the
[51]
luxury resort or should you stay in the
[52]
three-star BEST WESTERN motel so having
[55]
money in retirement
[56]
simply means you have more freedom and
[57]
more comfort and peace of mind when it
[60]
comes to doing the things that you want
[61]
to do so let's find out if you're on
[63]
track and if you're not on track what
[65]
you can do to pick it up so you have
[67]
more money more choices more flexibility
[69]
when it comes time to stop working so
[71]
the average 401k balance by age so these
[75]
numbers come from fidelity and fidelity
[78]
tells us that in 2018 a record number of
[81]
401ks hit millionaire status so you may
[84]
not have a million dollars and don't
[85]
feel bad if you don't most people who
[87]
hit the million dollar status are in
[89]
their sixties 64 65 67 years old and
[92]
they'd be contributing for a very long
[94]
time but it tells you that if we
[97]
contribute to our 401k and we allow the
[100]
power of compound interest the power of
[102]
the markets to allow our contributions
[105]
to grow if we take advantage of the
[107]
money that our employers are matching
[109]
that we can attain a large amount of
[111]
money in retirement but we have to be
[113]
diligent about saving and we have to be
[115]
consistent with staying on top of what
[119]
our 401 K has invested in now if you are
[122]
in your 20s so in your 20s you don't
[125]
have most likely a ton of money to be
[128]
saving for a retirement you're just
[129]
getting started in your career so don't
[131]
worry about it too much but if you can
[132]
try to save as
[133]
in your 401k to at least get your
[135]
company match if you don't have a 401k
[138]
try to start shocking some money away to
[140]
at least get three to six months of
[141]
expenses in an emergency account and get
[144]
that money invested so it's earning
[146]
interest for you but the average 401k
[149]
balance is around eleven thousand eight
[151]
hundred if you're in your 30s
[153]
the average 401k balance is forty two
[155]
thousand so when you're in your 30s
[157]
you're probably a little bit farther
[158]
along into your career further along
[160]
into your career and we want to make
[162]
sure that we are definitely contributing
[164]
to some type of retirement savings
[166]
whether it's outside of the 401k because
[168]
you don't have one or inside the 401k
[171]
getting your company's matched trying to
[173]
put as much as you can into that account
[175]
in your 40s the average balance is one
[178]
hundred and two thousand in your 50s the
[180]
average balance is one hundred and
[182]
seventy four and in your 60s the average
[184]
balance is a hundred and ninety five
[186]
thousand so whatever amount of money we
[190]
can save we should be saving that but as
[192]
a rule of thumb what I like to see
[194]
people doing is somewhere around 15% of
[196]
their income if we can be saving fifteen
[199]
percent of our income we're gonna be on
[201]
track to getting a decent amount of
[203]
savings at least relative to what we're
[205]
taking home now make sure to watch my
[207]
video know your numbers because if you
[210]
know your numbers you're gonna have a
[211]
much better likelihood of being able to
[214]
contribute to your retirement and stay
[216]
on track most people go through life and
[218]
they have no idea what their take-home
[219]
pay is this is after deductions and
[222]
withholding and FICA and everything else
[224]
and also what they're spending that's
[225]
the biggest thing most people don't know
[227]
what they're spending so so you are
[229]
gonna be better than that you are gonna
[230]
know how much your take-home pay is and
[232]
you're also gonna know how much you're
[234]
spending when we understand those two
[236]
numbers then we can say okay I have this
[239]
much room in my budget to to chop off
[241]
possibly so I can contribute to myself
[243]
we have to pay ourselves first
[246]
and when you do that that's the fifteen
[248]
percent that I want to see you sucking
[249]
away for retirement if it's seven
[251]
percent eight percent that's fine if
[252]
twenty and twenty five is what you can
[254]
do even better but let's try to get
[257]
around that fifteen percent number so we
[259]
can save as much as possible so we can
[261]
have the freedom later in life to do the
[263]
things that we want to do if you enjoyed
[265]
this video please I want you to hit the
[267]
like button
[267]
and share it with a friend or a family
[269]
member or somebody that you know that
[271]
could benefit from understanding more
[273]
about how much they should be saving an
[275]
average 401k account balances also
[277]
subscribe to the channel and hit the
[279]
little bell icon so you'll be notified
[280]
when we upload more content the entire
[282]
purpose of this channel is to keep you
[285]
more connected to your money so you can
[287]
have more freedom in retirement you can
[288]
have more income and you can have more
[290]
flexibility when it comes to doing the
[292]
things that you want to do and that's
[294]
what life's all about
[295]
so hit subscribe hit the bell icon and I
[297]
look forward to seeing you soon
[301]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage