What our clients average retirement plan looks like.
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- Опубліковано 2 лют 2021
- Today we look at over 4000 clients' retirement plans to see how they break down by retirement income and expectations. We will also break the retirement plans down by age bracket so you can see how you stack up.
We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money.
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Dustin, thank you for sharing! I have been a diligent passive saver/investor since 25. No pension, just 401K. I'm 52 and my wife is 56. I plan to retire at 63. You and Heritage Wealth Planning have been great UA-cam teachers!
This makes me feel better about what I’ve done. I’ve smoked the 65 group. This show the importance of starting early saving and never let up. Thanks for the data.
30-50 life getting in way:
YES!
- Started & lost business
- 3 kids (thru college)
- Divorce
Life smacks you pretty hard in those years!
True to that...2017,18,19 were my worst years ever. 2020, was the best yet, 2021 looking better...learning from the bad.
Don’t get married. I’m 40 and never married or had kids. I just became a millionaire last year in 2020!
@@David-fw4ly I’m 38 and almost to one million if the stock market keeps going like it’s going
@@gush9348 retired at 50 and have saved millions over the years of my investment. Don't need anyone to pay me anymore I need to be paying people now. lol
@@nathancook8325 I seriously need a nice investment scheme invest my money. I'm thinking of investing in stock, crypto or real estate.
When you look at expected retirement age, I don't think the number goes up with each successive group because they want to work longer, I think it is more likely that they have looked at their savings and realized that the are unable to retire as early as they had hoped, and they need to re-assess. At least, that was the case for me (still working at age 66 but wishing I were retired, planing to retire at age 68).
Really good point. I fall into that. 53 and coming to the realization that I won't be retiring any time soon nor have nearly as much passive income as I thought I needed when I was younger. However, when I was 25 I felt that 53 would be pretty old. I'm not feeling that old (yet) and I feel that I can comfortably work longer than I thought I wanted to at 25. I enjoy my career more now than at 25. The realization that I wasn't going to hit these high targets also got me to consider what I really did need to be comfortable in retirement. $120k would be fantastic, but I think we can be comfortable at $60k. I'm shooting for somewhere in between.
Congrats on the 4k clients, $100MM under management, and the soon to be 100k subscribers! I've recommended you to my family and friends. So far everyone is thrilled with their experience at Jazz. Keep up the great work Dustin!
The over 50 crowd is grounded in the reality that they have to work longer because they haven’t saved enough and they have changed their expectations on how much they need in retirement for the same reason...
This video is awesome. You seem to know what we are all thinking.
This is a worthy topic of revisiting in 2024. Super interesting stuff !
I was a bit behind when I hit age 55 as life got in my way so I did something drastic. Threw everything at the retirement number. Now age 61 and I've been retired for 9 months. Savings rate for the last 4 years was over 75% of my income. I have saved just as much in the past 5 years as I did in the previous 30 years working. Stock market really helped in 2019!
I'm just commenting to help get the attention of UA-cam's algorithms in hopes that it will draw more people to this channel. So much good financial info that people should know and NEED to know.
Thanks for the important food for thought.
Wow! This was very helpful!
Thank you for this video. This is a good perspective for my husband and I to see where we stand. We are both in mid-50's but may need professional financial guidance...more so of how to develop passive income at our age.
Definitely an eye opener!
Thanks. I would really appreciate if you did a deep dive breakdown on the smaller age brackets (ie 30-35) and crunch some numbers. Love your videos thanks.
WOW!! I’m doing a lot better than I thought. Retiring at 63 this year. I’ve smoked your 65 group. What’s that Dave Ramsey quote? “ live like no one else so one day you can live like no one else.”
thx, great information
Thanks for this
Great info. Much appreciated.
Very interesting!
Once again GREAT JOB!
I was nervous to see where I fit in and supervised how good I’m doing after seeing your data. Always enjoy the channel man, keep it up.
Thanks for sharing
very informative. thank you.
Congrats! Good job. thank you for sharing it.
Thanks for breaking it Down Dustin great reminder how important it is to get moving, think about it while you are doing it just get started.
Fascinating stats! I love this breakdown. Helps me feel not quite so bad about where we're at. Still behind where we want to be but it's never too late to get there. Thanks so much for geeking out!
When I turned 39, we decided to move to a state with no state income tax. Now, 25 years later, that move has allowed us to save an extra $250K for retirement! Stop throwing away money.
Except you have to live in a state with no income tax, no thanks.
Planning on it!!
Love this data you compiled for us!
Great video... The numbers make sense as reality sets in. Most young boys want to be an NFL football player when their 12. ;). Younger folks, for the most part, have unrealistic expectations.
Thank you!
Congratulations
Nice milestone
FANTASTIC perspective! Great insight as always. 👌🏼
Appreciate the data, great video !
Interesting stats. Makes me feel a lot better about my situation.
Exactly what i thought too. But i feel so behind!
My sentiments also!
Agree. This makes me realize we will be retiring early and just fine doing so. Always a bit of apprehension about these things, but sometimes we worry too much I think.
Same here. Makes me feel good to know we were able to invest early and reap the benefits.
I am always amazed how lofty the income goals are and how little people have invested to get there. The gaps are always huge! Looked at your fee structure. Not bad at all. I see you’re not accepting new clients. Oh well. Thanks for the numbers.
Surprisingly low. Thanks for sharing!
Great video.
Loved this! Thank you!
Sadly no question posed to the flock about what they envisioned for monthly expenses in retirement. That's where it's at and should be question #1 then the rest of the questions. I'm a customer but a stealth customer and already retired. I appreciate the tools (Right Cap :-)) and of course Dustin's/Jazz Wealth's knowledge sharing.
Nice job on collecting the statistics. It helps us understand how close to “average” we are. Would the savings numbers be significantly different if you had used median values for savings instead of averages?
You dont need a lot of money when your mortgage is paid off and no other debts except recurring monthly expenses which is paid in full monthly. When there is hyperinflation, all bets are off.
Definitely, cash flow in 40s and 50s was highest. Kids were older and had larger expenses. Upgrade home, schools, cars, etc. 55 to 65 was able to increase investments and the investments grew in larger quantities.
Great video. With all the metrics there is one that I think would have added great perspective. That being the average Nest Egg Assessment of their probability of meeting their target.
This makes me feel pretty good...gosh I thought the numbers would be higher
What, did you just roll,out of bed and decide to make a video?….LOL. Great video!!
You keep commenting the "Life gets in the way" to explain the lower savings for the above 50-60 crowd. However, in the 1970-80's, when they started out, there were no online brokers and owning and trading stock was expensive. There were no 401k's (or they were just starting up). People were depending upon defined benefit plans and social security for retirement income. Saving for retirement was not as common a practice as it is now. People did not have the incentive or mindset to save for retirement that exists today. There were not the "wealth" of opportunities for saving and investing that exist today. Life may get in the way, but I think the reasons above are a better explanation for why older customers have smaller savings.
I agree about defined benefit plans being more assumed at the time. Also, the sample are those approaching Jazz at age 50+. While some might be coming from another company, I would guess that many are just thinking seriously about retirement savings for the first time, and so will be those with less saved.
I started saving in a 401k in 1988. It was probably not as common and there was no auto enrollment at companies. It was encouraged at my company at the time but we could easily not contribute to the plan. It seems to take more effort to avoid 401k if you work at larger companies today.
Not true. I'm 45 yrs old and I have around 500k saved up. If I can do it anyone can. I went into the military at 19 so I started late. Never went to college either. So anyone can do it
@@rolandosouffrain7957 You are not in the above 50-60 crowd.
I'm in the same boat, 52 yr old here. Grew up in poverty as a kid, joined the military and saved/invested like crazy because I feared being poor again. Cash flowed the kids college, no student loans, lived in our house...no dorms. Sitting at 3 mil invested, plus will get ~7k/month from military retirement soon. I'm set, but I still spend modestly & drive a 13 year old car, wife drives a new car. Old habits are heard to break.
Doing contract work I always put in 15% incase I needed it for unemployment emergencies. Divorce took half at 30, 2008 took over half, The Numb skulls Managing funds I had took a piece. Got tired of it and took it put it in an IRA where I could trade it....Done well enough to give a little less than half to Dustin to keep me from doing stupid stuff with it since I'm closing in on retirement. Dustin/crew seems to be one of the few that actually works to make money. Nothing ticked me off more than be in a 401k plan that dropped like a rock on a market move down but barely gave back a blip on a big market move up. I wish I would have done more Roth when that came about. Figured I would just pay taxes if I ever made it to retirement.
As of today, I'm 52 with about $1.06M. Retirement in, I hope, when I'm 65. 🤞🏻
Great info!
Appreciate the video. These numbers are shockingly bad. The average savings/other income by age group is pathetically low. The average desired income in retirement is totally unrealistic. As people get older, you can see the desired income trend down. I believe part of the reasoning behind that is people slowly waking up to the fact that they didn't save enough while younger and are beginning to make compromises in their potential future retirement. A lot of people are going to be working a lot longer than they think.
Great stats Dustin 👍 Everyone needs to start investing early 📈
Love this guy, but when I went to sign up it was all e-mail communication... just wasn't willing to invest hundreds of thousands with a firm that wasn't willing to call me back. Keep the videos coming, love the insight though!
I don't blame you, I wouldn't give them money either.
Check the website there is a whole section to schedule a call. Your day your way, blame is on you.
If it wasn't for the cost of health insurance more people would retire earlier.
This. I got plenty for retirement. About triple what he is writing. The need for health insurance keeps me working until Medicare kicks in.
If we weren't obese and sedentary we wouldn't need to rely on health insurance or medical providers so much. Good health doesn't doesn't come from a doctor or a hospital.
Absolutely true
Let’s hope we get a public option at some point soon cause too many people are in that boat.
@@ordinaryhuman5645 ...thanks to them though, I’m getting nice quarterly dividends from the stocks in my healthcare portfolio
Love these types of videos from you guys
I don't understand how people live such extravagant lives. I was married with two kids making $20,000 a year made that work. I could easily live off $20,000 in retirement with less bills. Right now I make a lot more than that and I'm saving 50 to 60% a year towards retirement. Hoping to retire around 50 and live easily, possibly travel. Going to live off dividend income, use what I need then continue to reinvest anything extra to increase the dividend income, then pass it off to my children when I die.
Surprised by the numbers, much lower than I thought. Everyone needs to save more to take care of their future golden years.
They were very low in my perspective.
You'd think those who seek the help of financial planners would be somewhat financially savvy already.
The fact that the average
Really depends on your lifestyle and living situation. I’m 40 with a paid off house and pay about 2k in taxes. Low expenses and single. I can live off 15k or less a year if need be.
Maybe he should look at medians instead of averages.
I'm part of this statistic. I do need to contribute more to my Roth.
Max it out every year
Congrats on meeting the undermanagement mark! Yes, between 30-50 life gets in they way!!! However, I can't complain, we have been blessed. Life is on track at over 50. Thank you for what you do!
30-50 Like hiking thru a swamp.
I’m sitting at 4x my annual income at 47 and feel like I’m way behind. I’m putting 16% of my gross income into my accounts but with kids getting to leave for college I doubt I’ll ever get truly ahead and will retire a bag lady.
Are these accounts or customers is a married couple two customers and therefore one should double the income and assets?
I'm not the average 45 yr old. I have 500k between my Roth I.R.A, Roth 401k and real Estate properties. Lol. I'm also on the pace to max out my Roth I.R.A and Roth 401k. 19,500 and 6,000. 💪🏾💪🏾💪🏾
Likewise man... from about 2008 - 2019 I really skimped to do maximum ROTH 401k. So I rode the slow recovery very well... at age 57, I have ~$900K in retirement accounts. I figure 2 years more time in the workforce just to be certain my investments are large enough to be self-sustaining (and to reach the magic 59.5 age).
I’m 48 with 520K put away between 401k and my Roth. With everything paid for and it doesn’t take a lot for me to live/be happy I know I will be ok when I retire somewhere around 60-62 🤷♂️ providing my health keeps up but I am maxing out both accounts and I have a taxable account because in my mind I feel that I am still behind
@@earlbuckman9889
If everything is paid off, I'm guessing you managed to avoid divorce... 😁
Good insights.
Good info. I know this video came out a while ago but maybe you can do something similar this with additional info. like how much did they actually have when they started their retirement if they hit their goal?
I like the idea! I'll see if I can put something together!
Pay your self first 10%, before any other expense. Never touch it. You're all set for retirement. Fail to do this, you will regret it.
I’m assuming this is based on a single person’s ideals for retirement in each age group? I can see how the
buy a white board -easier to read
For upper middle income households, a knowledgeable tax advisor will help you to keep more of your earnings, so you can invest more and build wealth faster. For this group, taxes are likely your 2nd biggest household expense.
What’s considered upper middle class? 100k is average household income where I live…
@@sirdewd2197 Most people agree that upper middle class income is in the range of $120K to $300K.
$100M / 4000 accounts = $25K average per account
Makes it less than impressive
@@robertdunn9407 That’s 4000 accounts managed by one person!!!!! How much individual attention can he give to any client? How can he respond during a market drop. Plus he’s charging 1.5% for small accounts. That’s a ludicrous fee for so little service. This guy’s getting rich soaking the little guy if you ask me!!
I own about 50 rentals and let me tell you what I have learned about growing old in America. Old people are the shadow welfare class. Sure there are people like me that will retire with a six figure income but I can't tell you how many of my tenants have aged out. They get on social security, government subsidized housing, food stamps and medicare based on income. No one falls through the cracks. This system is in place because of the pathetic statistic that HALF of us arrive at retirement age flat broke. I knew one old guy who was sharp as a tack. He put everything he had in a trust that paid him nothing. Then he signed up for every program available. The government housed him, feed him, gave him health care, everything. Then he authorized the trust to give each of his children the max they could give him back without paying taxes. He traveled the country having a blast while the government paid all his bills.
It was extremely helpful. I'm 58 so it was interesting not only to see the numbers but also to see to what extent I blend in with my peers.
Looking to retire at the end of this year. Lump sum pension will be $680k. I obviously would roll that into an IRA. I am 51. What’s your take on a 72t? I am looking to work P/T to keep busy and probably won’t need a 72t until around 55.
Is this how much they bring to you, excluding their company account,
Or including?
Great data and a fantastic job laying it out!
For the Extra Income portion, is that monthly or yearly averages?
Was wondering the same thing since average social security payment in 2020 is reported as $1390/month.
Same question here; didn't seem clear at all.
The 40-50 doesn't have that much more than the 30-40 group because the 40-50 was investing during the "lost decade" of 2000-2009. If you started putting more aside in 2009 you've seen almost nothing but great market returns every year.
Im guessing 50+ group is working longer and expecting less...not because they enjoy it, but because,as you get closer to retirement..they dont have what they had hoped to have saved
do we need to double these numbers if you have a spouse or is the spouse income and living cost included in your numbers.
3:52 Those figures aren't inflation-adjusted, right? Makes sense then why someone looking at retiring in 2050 would want less in retirement than someone looking at retiring in 2030.
I think that it probably is inflation-adjusted, someone who is planning for retirement at an earlier age probably realizes that they have the benefit of time for compounding interest so they set their goals higher.
The inflation multiplier for 30 years is about 2.1x though, so if it wasn't inflation-adjusted, then they would actually have a much lower quality of life than the 50+ year old who wants to have about 70k a year.
Well I feel great about myself. 🙂
I'm 27, I definitely don't think I'll need 110k a year in retirement lol. (Excluding inflation).
Only 19k average under 30 also?? I'd figure that people under 30 hiring a financial planner would be much more financially adept with a larger sum of money.
Truly surprised that the numbers of the over 40 and 50 are so low.
Awesome. Very interesting to see where I land.
Thank you, Dustin we are doing good at 56 y/o surprised your numbers aren't much higher.
You should redo this video yearly
wow, the avg 50+ only has $87k. I imagine the avg person seeking financial advice is higher than avg overall too. People gonna be working forever.
Is it the older you get the less you feel you need to survive? Or as you get older does reality sit in and you haven't saved as much? It's easy to have lofty goals when you're young it's a little harder to fulfill them goals as time goes by
When Dustin writes the desired income (ie second line), does that number represent what a couple thinks they'll need or for a couple would it be x2? Assuming it is in today's dollars, if a couple's amount would be double that number then it seems many of the customers really want to live large! If the numbers reflect average couple's goals then they strike me as more reasonable.
Sounds like you answered your own question
@@AlumniQuad No, I still don't know what was intended. If we assume numbers apply to 'couples' we could be wrong by 100%...
@@rossmacintosh5652 You wrote:
_If the numbers reflect average couple's goals then they strike me as more reasonable._
Again, I think you answered your own question.
Will you share this information on the Research Site?
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $950,000 PROFIT within 3months he invested $120,000. I just began investing and i will really appreciate any tips or helpful guide.
Just seek professional help from a mentor or a financial adviser.
Tip; I’m a new investor as well and I use a broker Joanna Maliva Lee, she’s been guiding me with my investment since I began Late Dec and I’ve been able to accrue a profit of $426,000 with a principal of $85,000
@@christinehoward6714 That's wonderful, i've always been told that investing with an expert has it advantage but i have no idea how to find one
@@christinehoward6714 hey thanks for sharing, I just looked her up found her website and left a message, hope she replies soon. I really want to make some profit of this.
Wow, this video makes me feel great. I am way over 10 times above your average for my age. And it is not even half what I invest each year.
Well, this is very interesting. These numbers seem scary to me. If you want 100K in retirement income before SS age, with 4% rule, you need 2.5mil. If you want to wait for SS and assume 30K/yr, you need 1.75 mil. if you want 50k/year, cut those numbers in half. I’m not a financial advisor, but if I had someone ask me how to derive 64k from 200k in assets, even with 30k in SS, I don’t know how I would talk to that person (or couple). These must be very difficult conversations.
I'd tell them to see if they can find a duplex. Live in one unit and rent the other.
Is this only accounting for your client’s holdings within Jazz? I’m a client, but have multiple other accounts and investments. If this is only our Jazz holdings, that could greatly skew the numbers and give others a false sense of security with how much they’ve saved by whatever age, and a false idea of where they fall within their peer group.
It should include everything they have. Jazz asks about total investments/savings in the initial questionnaire, and if you do the math for 4000 clients then the averages here would be a lot more than the $100M now under management. But, $100M ÷ 4000 clients = $25k per account.
But I understand your question. The averages do make me feel better about my position. I'm in the 40-50 age bracket, but seem to be ahead of the average 50+ client. (But I'm still going to be aggressive, haha.)
The mean vs average is a much more realistic amount. A very small amount of people could skew the total by a lot! In the 50+ crowd, What is the mean age of clients? And I take it that all of the starting total saved amounts were obtained when they began. What if the mean amount of time that clients have been with you? Not trying to be nosy. I wonder how these same group of clients would answer those questions after a given amount of time, maybe 5 years or what ever time period that would show them how their plan is working out and if the original projections were realistic.
Well that’s a bummer 😪
I expected a bump in 40-50’a savings with inheritance. Any idea what happened? Statistically, some percentage should get inheritance in that age group right?
I don't think it's that much. Pensions were a big deal back then. I doubt a lot of people had as much in retirement savings and if it's in a 401K then you end up having to pay taxes and pay for all sorts of other expenses.
Great information. Is nice to see where you might be in comparison.
40-60+ peak earning years. You must hit your savings goals in these years or you are doomed.
Sadly.... (seems to me) that estimated target monthly incomes are not taking any inflation into account. All of those estimated retirement monthly's seem very low to me.
I don’t think he mentioned it, but as advisers we always ask what they want to retire on in today’s dollars. When we go to do the plan we adjust that number for inflation.
Your 4th column of 'expected other income' must be monthly, right? Your other numbers are all annual amounts.
I was going to ask the same thing! (although I think you meant row, not column)
@@jamesbest8038 Yes. I stand corrected. Thank you
I had the same question. Must be monthly not annual.
I’m there, just can’t pull trigger ughh