IRA & 401k Average Retirement Savings || Fidelity, Vanguard, & Schwab
In this Livestream, we are going to look at the average retirement savings for 401k & IRA’s from Fidelity, Vanguard, & Schwab.
This retirement savings data comes from the newly released retirement survey from Vanguard & Fidelity for 2022.
We are also going to discuss ways you can save more for retirement and steps you can take today to increase your retirement savings.
Full Retirement & 401k Article Here:
This video is showcasing average 401k balances and median 401k balances in retirement accounts with Vanguard retirement services & Fidelity Investments.
All of this information comes from Vanguard 401k retirement survey & Fidelity Q3 IRA & 401k account balances. This is both the average and the median of these 401k retirement accounts. Keep in mind the average 401k retirement account size will be skewed because of the large 401k retirement accounts at the top and the small 401k retirement investing accounts at the bottom.
The median 401k balance is what we are going to focus on in this retirement video. Median 401k retirement investing account values gives us the figure that is right in the middle and is a better indicator for 401k retirement savings.
What this 401k retirement survey showed which was surprising is that 3 in 10 401k participants have 401k balances below $10,000. It also showed that 3 in 10 401k participants had 401k balances above $100,000.
The average 401k retirement contribution in this study was 7.3%. If you are trying to save for retirement, the actual percentage that you need to save to retire comfortably is 10 to 15% of your gross annual income.
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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❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
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It's funny, the cultural differences between your part of the country and the Pacific Northwest where I'm from. Your religious references are jarring. And talking about Trump like he's normal makes me wonder about Kentucky and Florida. But what you're encouraging young people to do financially is spot on, so more power to you in that department. Thanks for the video.
I'm 34, dumped $50k+ into the market downtown and increased my contributions to 30%. Let's go!!!!
I’m 51 and I have increased my savings rate from 7 percent to 20 percent during this downturn.
Getting out of the race at 57. Have a great job and love it but love living my life with my wife and family more.
Good history book:
1491: New Revelations of the Americas Before Columbus – Charles Mann
I respectfully disagree with the comment that you just begin burning out in the 60s.
First it may depend one’s job. I sit on my butt and program butt I did the same thing in my past and hated it and wished I could retire and I was in my 50s. I’m 66 now and still working because I choose to. I set a retirement date in mid 2023, and sticking to it because frankly, don’t want my best years to be working for a company. The key to In my opinion, is being financially ready to retire. I did early everything you’re hearing here. Ive been maxing out 401ks since inception. I didn’t find excuses to borrow it or tap it. Even when I felt I was broke. I woke up one day and through the miracle of compounding, had enough money to retire in my 50s. Lo and behold, this is when working became more fun.
Do what our man is telling us her. Buckle down and max out that 401k yearly. Invest in a couple of Indexes, then forget it exists.
Great analysis. Loved seeing the different brokerage info. I increased my retirement savings this year – stocks are down so they are on sale!
This is a shot in the dark but really how can one enlist services of an adviser? I’m retiring in 6 months. I am stuck on deciding how to draw so I can prepare for retirement without losing due to inflation with a huge cash position.