this post was submitted on 14 May 2024
3 points (100.0% liked)

FIRE (Financial Independence Retire Early)

1131 readers
1 users here now

Welcome!

FIRE is a lifestyle movement with the goal of gaining financial independence and retiring early.

Flow Charts:

Personal Income Spending Flow Chart (US)

Personal Income Spending Flow Chart (Canada)

Finance Flow Chart (UK)

Personal Income Spending Flow Chart (Australia)

Personal Finance Flow Chart (Ireland)

Useful Links:

Bogleheads Wiki

Mr. Money Moustache - a frugal lifestyle blog

The Earth Awaits

Related Communities:

/c/[email protected]

/c/[email protected]

/c/[email protected]

/c/[email protected]

founded 1 year ago
MODERATORS
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
3
Average Retirement Savings Balance by Age (money.usnews.com)
submitted 5 months ago by [email protected] to c/[email protected]
8 comments fedilink hide all child comments
 

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?

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 1 points 5 months ago

Same, I convert to Roth a little at a time to control taxes. I'm in the 12% bracket, so I convert up to the end of that bracket at the end of the year.

That said, 401l does have some advantages over an IRA, such as backdoor-Roth compatibility, legal protection from lawsuits, and the loan option. I don't need any of that, so I roll out ASAP.

So for those kinds of metrics, I just use the aggregate of all of my retirement accounts, so IRA, 401k, HSA, and taxable brokerage. I'm assuming most people only use their 401k or aggregate as well.