Average Retirement Account Balances VS. YOU 🤔

Today we're covering the average retirement account balances in the US and see how you compare! We'll cover everything from the average 401k balance to the average IRA contribution. What are your thoughts on the data provided?
0:00 - 0:25 Data/topic overview
0:26 - 1:08 401k contribution averages
1:09 - 2:01 403b average savings rate
2:02 - 2:18 Average Gen X retirement account balance
2:19 - 2:45 Baby boomers retirement account balance
2:46 - 3:02 Millenials' average retirement account balance
3:03 - 3:24 401k allocation changes
3:25 - 3:44 401k loans and withdrawals
3:45 - 5:38 IRA account balance & contribution averages
5:39 - 5:51 How do you stack up?
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[@Jazzwealth]

Thanks for watching! How do you compare? 🤔

[@bryankeizer1677]

Not a fan of averages because they can be skewed by very large numbers. Did they publish the median amount or any information on medians in relationship for their clients?

[@Jazzwealth]

Definitely get that and appreciate your input! There was no median data in this report. When they publish their quarterly 401k data/insights report that's usually where you can find median data

[@mrpangy4174]

Happy belated Birthday... I look forward to your answers to the questions you put forward.

[@codytibbitts5166]

Happy birthday Eric! :)

[@Jazzwealth]

We did this already.. but thank you!

[@brucesmith6868]

Thanks Eric good info

[@Jazzwealth]

Thank you, Bruce!

[@DohStr8]

Happy birthday Eric! 🥳😄

[@Jazzwealth]

Thanks Haley!

[@ccrx2640]

16% 401k pre
8% catch up
Pay both off every year

[@ygbodybuilder3023]

I have a state pension that's guaranteed money for life when I retire after 20 years of service. I also have a ,457b, and a Roth IRA .

[@Jazzwealth]

Hey, let's go! 💪 Great job!

[@martinguldner3990]

I will look at more than just my account balances in my Roth IRA and Roth 401k. Because of an inheritance of two taxable brokerage accounts in 2020 and years of not contributing to retirement accounts. The combined balances in my Roth IRA and Roth 401k is about 15% of my net worth which is more than the median of all Americans at all ages.

[@hubertvecht7255]

Average vs median. Are you NEW ?

[@johnnyrabenold6133]

I've never understood these metrics. What percentage of people have one 401K? I have multiples and assume most people do. That makes this worthless, unless you know how the distribution looks.

[@July.4.1776]

Medians will tell you something averages tell you nothing

[@eddiemalvin]

Even if they quoted the average balance of ALL retirement accounts, it wouldn't be very helpful because it ignores debt load and investments held outside of retirement accounts.
I guess it's helpful for what it is but...
someone with zero retirement savings, no debt and millions in taxable investments is probably going to be fine. Conversely, someone with $1M in retirement savings and $1M in debt may need to make some changes.
Net worth is a better gauge but that data is also harder to come by.

[@ygbodybuilder3023]

I have a state pension that's guaranteed money for life when I retire after 20 years of service. I also have a ,457b, and a Roth IRA .

[@johnnyrabenold6133]

@ygbodybuilder3023 yes this is an excellent example that demonstrates the issue

[@jayholiday256]

It’s meaningless, my 401k is small, but I have an IRA, Roth and brokerage accounts with over a million

[@Jazzwealth]

Nicely done! The averages aren't for everyone, but some like to see how they stack up! :)

[@jayholiday256]

@@Jazzwealth Yep, good video

[@legendary_soup4454]

I pay you to allocate my money.

[@voodoodrug]

Averages ? Really?^^^^^^^
15 years ago I hacked my house, no bills including food. Retired 13 years ago and sense then my assets have tripled. I have to work on spending its tough. Don’t love a house

[@dantheman6607]

What do you mean by hacked my house? Sold it? Rent it? Tripled your assets ? Was that just market growth or contributions too? Sorry for all the questions 😂

[@voodoodrug]

Roomates, my ladies and wife.
With all my free time in retirement my natural talents and interests became a bit lucrative bonus, namely trading, pimping, and book keeping.

[@bolo34lx]

You write like a 13 year old trying to be a bad-ass on the internet.

[@voodoodrug]

Yes you are currect. Im trying to squeeze my post in, comes off that way. Made a lot of mistakes to get there and pain. A better way to say it is I quit a stressful 6 figure job in 2012 at 48 and used some hacks to do ok(subjective), not rich , I’m a number, left alone and enjoy my time riding a couple nice Harley’s….