Average Retirement Savings Balance by Age (money.usnews.com)

submitted 4 months ago by [email protected] to c/[email protected]

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Here are just the number for all of you degenerates who just want some milestones for your spreadsheets.

Average total retirement savings by age:

<35 - $49,130
35-44 - $141,520
45-54 - $313,220
55-64 - $537,560
65-74 - $609,230
=75 - $462,410

Average 401k balance by age:

<25 - $5,236
25-34 - $30,017
35-44 - $76,354
45-54 - $142,069
55-64 - $207,874
65 and older - $232,710

And retirement savings targets from various advisors:

Fidelity:

1x by 30
3x by 40
6x by 50
8x by 60
10x by 67

Rowley:

1x by 35
5x by 50
7x by 70

Anyway, do you like metrics like these?

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[-] [email protected] 1 points 4 months ago

Yeah, the multiples thing is not a great way to estimate early retirement because it assumes your retirement spending is directly related to your employment income. That's true for many people with traditional retirement plans though, and it's certainly easier than estimating expenses, so I guess there's merit to it.

Anyway, I just think it's an interesting set of milestones to track. Like, "oh, I'm where I should be at X years old, so I'm Y years ahead of 'normal' retirement." But it doesn't impact my retirement planning one bit though.