How Much You Should Have in Your 401(k)-By Age
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- Опубліковано 29 тра 2024
- Have you been saving enough for retirement? In today’s video, we’ll look at what average Americans have saved for retirement by age so you can see how your nest egg stacks up.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
*I'm 50 years old and living in Germany Berlin🇩🇪 I'm willing to retire at 55 if things keep going the way I planned bought my first house last week I'm glad I made a productive decision that has changed my life forever can't be more proud that I'm right now*
Congratulations you are really doing well at your age im 45 and my finance are in rally in mess right now and great tip will really go along way in shaping my life im open for idea
_Sorry for late response I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt and with the help of financial advisor Ava Brenda Harry I made over $120k in crypto
Money invested is far better than money saved, when you invest it gives you an opportunity to increase your financial worth
I know this lady just mentioned here . She's really good with and on her job. She's helped a couple of families and individuals' finances
YES!!! That's exactly her name( Ava Brenda Harry) so many people have recommended highly about her I'm huge beneficiary of her platform from Brisbane Australia 🇦🇺
Did you know that maxing out a Roth 401k puts MORE money to work for you than a maxed out traditional 401k? Yes, your $23k buys the same number of stock shares, but In a Roth, 100% is working for you, while in a traditional 401k, some of it goes toward future taxes.
I am 27 and i just started my ROTH 401k and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $100k into $40,000 in annual dividends-a significant milestone for me today.
@@game46632 I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@DeborahDuggan932 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@shituabdullahi7660 My advisor is Victoria Carmen Santaella;
@@DeborahDuggan932 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@@madidi_26 Nah I Can't say I can relate, Victoria Carmen Santaella charge is one-off and pretty reasonable when compared to what I benefit in returns.
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the pointer.
I am only 35 years old this year, and I have $10k in additional retirement accounts in addition to slightly less than $40k in my own 401(k). My spouse, who is not employed at the moment, has approximately $41,000 in retirement accounts. Right now, I make almost $63k annually. I contribute just 5% of my income to my 401(k) through the company match, and the remaining 10% is divided between an HSA and an ROTH IRA.
In my Fidelity retirement account, I have $245,388.35. I increased my contributions to 25 percent and handle all of the investing myself. Fidelity merely manages my stocks and ETFs. That was a change I made earlier in the year. Although it's looking more like 63-ish, my goal is to finish the rat race by 65. My goal is to have $1 million and earn roughly $50k in dividend income annually.
I wholeheartedly concur; I'm 58, recently retired, and have about $1,450,000 in outside retirement assets. I have no debt and, when compared to the value of my entire portfolio over the previous three years, I have very little in retirement funds. To be honest, investing with a portfolio advisor is brilliant!
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
sure there are loads of ways to make a killing right now, but such high-volume near impeccable tradess can only be carried out by real-time experts.
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K that made it clear there's more to the market that we avg joes don't know
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for sharing, I must say, Sharon appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with 'MICHELE KATHERINE SINGH' for the last five years or so, and her returns have been pretty much amazing.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire
True, A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That's impressive, have you always had guidance?
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
One of the fiduciaries I deal with is Jennifer Lea Jenson. Just check the name. There would be a letter with the necessary information to set up an appointment.
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I'm in dire need for one.
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Rachel Sarah parrish is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.{
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I work with *Jennifer Leigh Hickman* as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
VOO and chill.
@westonscally7614 if those investments drop you are screwed
If social security reserves deplet in 2034 you would have only been able to collect 100 percent of what your parents got for 10 years after all the years you have put in
Need more vehicles outside of the 401k and IRAs the market is to unpredictable
I just 30 this year and have just under $40k in my own 401k and another $10k between my other retirement accounts. My wife has about $41k in her retirement accounts (she is not currently working). I currently make close to $63k a year. I only do 5% though to my 401k for the company match and another 10% of my income is split between an HSA and a ROTH IRA
I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. What are some strategies i can employ to be successful?
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Watch the great taking by david webb. Your money is not going to be there for you.
Agreed that many people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, looking for companies to make additions to boost performance
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
ELISSE LAPARCHE EWING is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I'm left struck with thousands of dollars disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk, my goal is to retire early and afford my lifestyle after retirement.
Dont think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor to ensure appropriate investment planning.
True. I’ve been investing in the money market for 11 years now, last 5 years with the help of a financial planner. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today. My best so far
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
"Jill Marie Carroll" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Seeing the struggles of those in their 60s and 70s is truly eye opening. It's a stark reminder of the importance of taking charge of our financial futures, regardless of our age
It's never too late to make a change. despite health challenges forcing me to consider retirement at 56, I committed to smart investing. Fast forward two years, and I've saved $1 million, closing in on my $2 million retirement goal by age 60. It's a journey of resilience and determination
you are lucky to have turned things around as timely as you did. But hey, better late than never, right? I'm in my 30s and feeling the pressure to catch up
I credit my research that led me to Emily ava milligan, a top fund manager, rather than luck. 300K to this amount was not coincidence. time to buckle down and get serious
our journeys share similarities. Following my divorce settlement that left me with $215k, I entrusted an investment to a skilled fund manager. In just two years, that decision turned my returns into $1.1 million. i’m eyeing a countryside retreat for retirement
After quickly copying and pasting her name into my browser, her website popped up immediately. It's rare to stumble upon such tangible examples for reference. Thanks for sharing
I'm 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. Compound interest is you best friend. The sooner you start, the better off you are.
Financial stud.
Roughly were i was at your age. 750k home equity and 1.4M in 401k/IRA, 47 y/o
@@gbb82 Thank you 👍
@@teddyruxpin7876 excellent work my friend.
You are killin' it!
I’m 24 years old, I have a bachelor’s degree and an MBA, I have a paid-for car, and I just became debt-free on Thursday the 18th of January.
Have the same degrees and retired at 60 - start saving 15% now and your 50 year old self will thank you! I did not get serious with 15% until about age 30. Hit $1mil nest egg at about 55. About 1/3 was contributions (me and employer), the rest, growth. Never had any debt other than a mortgage. (Actually did have about $10K school loans but paid those off in a couple years.)
Good on you! Now keep your debt down and rack up the savings now. It will amaze you how much it will compound to when you are my age. Compounding works!
Congrats, I did that once and the feeling was wonderful, it's nice to have cash stacking up everywhere once your hard earned money isn't going to your debt masters.
good for you! start saving as much as you can allow yourself in your retirement investments. I’m doing good but I also wish I sacrificed even more at your age
I bought my house at your age have a pension,multiple retirement accounts,multiple cars and am on track to make six figures in a few years I turned 28 on the 18th. No college by the way and I’m gonna out earn 99 percent of you.
As a 59 year-old I tend to avoid these videos as I know I am Waaay behind, but my Mantra is "I'm at where I'm at and I will do my best in the now" I got all my debts paid off 2 years ago, have a 6 month emergency fund, and am up to 15% invested in IRA./401k per month right now. In 18 months I will be through helping my daughter with college and can throw even more $$ at retirement.
Nice to help your daughter but if you are really behind be careful.
@@dustyrhodes2717 I understand the logic but my parents paid for my college and I am only contributing a portion of my Daughters, something I do as a matter of principle.
I know this may sound harsh but your college-aged daughter has a lot more time than you do to build her retirement savings. It's worth considering focusing on beefing up the funds that you will need to survive on for the next 30 or so years. It would be a hard conversation but with time your daughter would understand.
@@lailas.3205 I understand the logic but my lack of retimrement is my issue, not my Daughters. I would like to provide for her what my parents did for me a debt free start to life after college. And I am contributing quite a bit to retirement right now and will increase my savings when she graduates in a year
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
In fact, despite having no experience or prior knowledge when I began investing in 2018, by the end of 2019 I had made a profit of over $750k. I had merely been adhering to the advice that my financial counselor had given me. This demonstrates that all you really need is an expert to assist you; you don't even need to be a great investor or put in a lot of work.
I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
The fuck is this whole ad in the comments 😂
Get a Ramsey approved financial advisor and see what they say.
These numbers suggest a lot of people are not going to be prepared for retirement. Not even close....
My wife and i have been busting our butts with the 15% just like they said and we make decent money in my opinion and our employeers really just dont match 💩. 401k match is 2%
If what they say is true then we are never going to retire
Correct. My employer only matches 2% also but I’m putting 25% of my paycheck towards 401k but I’ll consider 30% soon and I’ve only been at my current employer for 6 months so I’ll also consider somewhere else if the money is good and 401k contributions are also better
Yep
@@gabrielj.negrontroche4188you're doing great man its a process and you'll get there! Some companies like mine don't match at all, so 2% is better than nothing! It at least covers any 401k fees.
@@gabrielj.negrontroche4188I don’t have any match so count yourself lucky
I enjoyed this content. Although I have been watching less yt and doing more research. My retirement contributions are not making my 401k any better, should I buy popular index funds in a brokerage account, is this a better alternative to outperform and rebuild my retirement?
My suggestion to any investor old or new is to always learn to do your own research and don’t just go buying stocks without proper considerations. Most of what is pumped out by the media is what most UA-cam ‘fin-entertainers’ churn out to you as fear uncertainty and doubt.
Agreed. That and reading some basic principles laid out in books like The Intelligent Investor by Benjamin Graham. There are also good UA-camrs out there like Felix, Graham Stephan, Humphrey Yang and a few others, but generally you are right.
Its unclear which stocks and sectors will lead the market in the next uptrend. Stay away from the stock market if you do not have guidance from a plannner and investment strategist. My finances have been in order since I got a wealth planner like Monica with a 600 B AUM working for me.
Who is thismonica you speak about? I have also been searching for a fin-adv who can direct us on where the economy is headed new year. I don’t live in a big city.
monica mary strigle...consult w/ this lady no upfront fees.
Bought my first home at 53. 😏 Literally not the smartest apple in the bucket. It took me decades to figure out my career. Hindsight thank God I didnt get student loans. I worked low paying jobs(more than 2 sometimes)until I was around 40. I graduated from community College at 39 finally found a decent paying job at 40. Ive currently been there 13.5 years. Found Ramsey 5 years ago and ive been debt free since then. I purchased a home 15 months ago and now I'm focused on paying it off. I work overtime to get it done faster. I have CD, 401k and regular savings. Yet I will probably be working til Im in my 70's. 😏 I pray for strength, great health and right state of mind. 🙏🏿
you have an awesome story. best of luck to you and i hope that you'll be able to accomplish all that you set out to do.
I think most people in their 20s could not afford to invest 625$/mo. I know that I would have struggled to invest more than 200$/mo
I think it's about prioritizing whatever you can invest. I probably spent $2,000 on crap every month in my 20s and told myself that I didn't have enough to invest in retirement.. Boy I wish I did something instead of nothing back then.
Agreed, a better approach would be starting with a smaller percent, then include salary increases and gradually increasing contribution. But the example George uses is less complicated for a quick run through as he is doing. But the numbers end up the same or similar, using conservative salary increase, and ending up at 15-25% contrib in 60's.
@avisharma1006 After taxes in my 20s, I barely made 2400/mo, best u could do was 200 each month to save. I did better later, but the vast majority of people will never have the income to really start this, one thing never really talked about.
Exactly! I was well aware of this even in my twenties but despite my best efforts to make a higher salary, it didn't happen until my 50s. @@agtsmith87
I'm in my 20s investing exactly 625 a month. However, many people my age have loads of debt, wasteful spending, and no aspirations of sustaining their own lives. You get out what you put in
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Yvette Ruta Musto' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Thanks for the video. I finally established a way to increase my net income per month. My 2024 goal is to pay off the house by Sept 2024 (8 years total into a 30 year @ 4%). I have no debt other than mortgage. My
401k, HSA, IRA and emergency funds get maxed out. The mortgage is my last piece of debt left. I don't have any school loan or CC debt. I've made a lot of sacrifices over the years. I'm almost at the debt free finish line.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
SAMUEL PETER DESCOVICH
GOOGLE the name
My company contributes 8% even if you dont contribute at all, so been doing 16% for 11 years. My balance is at around 243k right now, and I'm 34! Now focusing on baby step 2 and paying off debt!
That’s a good deal!
@@tonypreston7278 we also get a bonus 2.5% salary bonus each year contributed if the company is profitable which it usually is.
Solid, dude! Keep up the good work.
@@WRBWRXWGN thanks! I recently reduced my contributions to zero, but work still does 8% so I can focus on consumer debt. Hoping to tackle four or five credit cards this year and 5k of student loans left
@victorblas3483 Is it Roth? Remember match beats Roth, Roth beats traditional. So if they give 8% regardless it isn’t considered match. If it’s a Roth with great options stick with it! But if it’s traditional I would switch your contributions to a Roth.
I know a beautiful man with a mild learning disability, who worked for a grocery until he died recently unexpectedly in his late 50’s with a wife and daughter. All of his siblings have advanced degrees in high-power professions but this humble man lived a humble life and put back for retirement from day one and had a life insurance policy. Everyone was surprised how he left everything beautifully set up for his wife and child financially. They will be fine. The power of compounding and saving is a wonderful thing to harness for your family.
Everyone likes this!
What I get from that is retire early and spend some of that money to enjoy life along the way.
Smart for him setting everything else up though.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Colleen Janie Towe who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Bruh
I’m 29 and only have $40k in my 401k, but if you add together my other retirement accounts (IRA, Roth IRA, HSA) I just crossed the $100k mark. Gotta beat that average 💪
Age 29 and only have 40k in 401k? You’re doing good and you’re on your way, as long as you keep contributing and don’t withdraw from it until retirement. I started contributing to retirement at age 30 in 1992. I’m age 62 now and my investments total a little over 600,000, and I contributed peanuts the first ten years. Thankfully I have a military pension so I don’t need to touch that now. Keep up the good work.
Good on you! I did the same in my 20s. Now I'm in my 50s and amazed by how much it compounded! Keep at it!
When did you start maxing Roth?
You are killing it, keep at it!
@@TartarianTopG I opened my Roth at 18, but was only able to max it out in the last two years. Before that I would just contribute what I could
I'm 51. Wife is 58. All we have is $1,000 in savings and live pay check to pay check. Only debt is the mortgage, $760 a month. No pension, no 401K, no investments, no retirement of any kind. I have lots of health issues, but work delivery apps full time, which aren't providing near what they used to. Wife is self employed, works 60+ hours a week. I have an old Associate's Degree in Business, which is obsolete. We are barely keeping our heads above water. No car payments. No cell phone bill. No student loans. No medical debt. No credit cards. We don't eat out. Never take vacations. Don't buy gifts for anyone on holidays and birthdays. Receive food assistance and free health care and still barely surviving, much less saving for retirement. I'll be working until I die if I can't get things turned around and soon. We have a major income crisis.l
I'm 51 as well, and your situation hits close to home. It's tough out here. its not easy turning things around when you're in your 50s with little savings. I'm not an expert but maybe exploring online courses or certifications could help update your skills and open up new job possibilities. Hang in there
Your resilience is truly commendable, and I can relate to the challenges you're facing. Two years ago in a similar situation. I sought guidance from Emily Ava Milligan, a highly recommended personal advisor. With an initial $300k, her approach in stocks and real estate delivered an impressive 15% increase within the first year. Last year her portfolio adjustments led to an additional 50% growth, almost doubling my initial investment. For anyone considering a secure retirement, I wholeheartedly recommend Emily for professional advice
I can't imagine how tough this must be. Maybe creating a detailed financial plan and setting small goals could help. And don't hesitate to seek professional advice. You're not alone in this journey
@@KelleyPerkins Ive been in a similar spot a few years ago and sought advice from Emily, a recommendation from colleagues. My initial amount was close to yours, emily's insights in stocks and real estate led to substantial growth.
Considering the situation, he should get financial guidance it will be beneficial no matter the situation. Professional advice, like Emily's, can be a valuable asset in securing your financial future. Wishing you the best on your journey towards financial well being. People usually think they waited too long to start financial planning. Bur rarely do people start their financial planning early
@@MichaelKeaton-np4fl I’m open to network with Emily, I’m looking her page up now I messaged twice i hope i get a response then schedule a call for later, any more leads? followed the first result when i looked her up
I only did the 4% match for the first 10 years of work. Then did about 10% for a few. Now I’m doing 27%. I love watching it grow. I now have $210k at age 41.
When I watch these "how much should you have by age" videos, it really does drop my spirits. Sadly, I'm one of the people who ignored the entire concept of retirement investing until I was 40( I know...incredibly foolhardy) and I'm 53 now. Although I am ahead of the 'average'(must be the median number he's displaying) for my age, by about 100k, I feel like I'll never catch up to where I SHOULD be had I just delayed buying crap and newer cars every few years that I didn't even need. Stupid, I know. Now I live lean, work an extra PT job to pay down the mortgage faster, and sock away 51% with the company match, but it's kind of too late to get to where I should be. That being said, I refuse to give up and will keep throwing everything I can at it, plus pay my house down quickly, but I can understand how some people might feel like there's no hope if they started late and don't make a large income. I mention it frequently to the young people I work with at both jobs, just how incredibly important it is to start investing young, as time is your financial super-power. I hope some of them listen and not do what I did.
Reading your post gives true meaning to the phrase that comparison is the thief of joy. Age 53 with 200k in retirement is a great position to be in. Sure it could be more; you were footloose along the way, but 200k is where the compounding will help along the way. I’m 62 with 600k in retirement; if you keep contributing and don’t touch that money, you should have more than 600k at my age. I worked at Fidelity my last 5 years in the workforce and I took many calls from people in their 60’s 70’s even 80’s who had nothing saved. Some had 10, 20, maybe 30k, it was sad. You are clearly not one of those callers. Keep working, but have a beer and celebrate; stop comparing yourself to Warren Buffet.
@@gbb82why were they calling Fidelity with nothing saved? Were they trying to start at the end of the race?
@@ewanfraser You did not want to listen to some of those calls. These people were old and could no longer work. They would ask me to check to see if they had a 401k. After searching, when I told them they did not, and how come they were calling us, they said they knew they did not contribute, they were just calling companies like Fidelity and Vanguard to see if some company that they used to work for put aside money for them. I remember one old lady crying and asking me: “What am I supposed to do, I have no money” I could only apologize, I had no other answer. Some had a 401k, took it out early and would call back 20 years later expecting something. I had a nurse call me during COVID, when the market was tanking. She said she was getting ready to retire, had not checked her 403B in an awhile and wanted to know the balance. It was around $30,000. When I told her, there was dead silence. Then she said: “That’s it? After 30 years looking after patients, that’s all I have?” She cried so hard that morning, I could not end the call, I had to wait until she composed herself. I will never forget that call.
Trust me, the suffering is real for those who don’t prepare themselves for old age in America. No one is coming to rescue you. Keep up the good work.
You have $100k more in your retirement than most people your age even with a much later start than you would have liked. That’s something to be proud of. Thank you for sharing your wisdom with the young people in your life. Warren Buffet says once you hit $300k you are halfway to a million. So retiring a millionaire is not out of reach. Don’t be discouraged. You can’t change the past but you did change your future.
I'm 40 years old and have $50k in retirement funds. I have $43k less than the median. I can't save more because I make very little. My expenses are cut as much as they can be. I do have an emergency fund and a little bit of savings for like car repairs but I'll be working until I die no matter what I do.
I am 25 years old with just over 5k in retirement savings, I just started last year. I saved 15%
Keep on that path and you’ll be set! I didn’t start until I was 28 and I have a half million now in my mid 40s. That with a paid off house makes a comfortable retirement very likely.
Good on you bud!
@@tracyaf6084 I just turned 28 years old last week with just over 5k in retirement savings in my Traditional 401k. I started last year as well and only save 6% with my company match. What should I do differently or add to my portfolio the way you did since you started at that age as well to get where your at? If you could of done it differently what would that be? I want to start my savings journey the right way this year and save more.
Sadly, this entire video is based upon whether or not you invested $625.00 / month starting at age 25. Now I'm sure there are some folks out there who were able to do that. I am not one of those folks. And I feel that there are millions of others like me, who started with less money and perhaps a bit later than that.
This entire video assumes that you have wealthy parents who pay for your college and set you up with a cushy high income job in your 20's. If you're working at McDonalds or hell even starting a white collar career in your 20's this video is pure fantasy. If you have college loans you have to pay yourself and then have children it's downright hilarious, or crushingly depressing.
And if like me you have a chronic illness that wiped out your savings it makes you feel like giving up.
All these calculations assume you never have children, never become long-term unemployed, never have loans to pay, and never get sick. Insanity unless you're from a rich family.
@@darinherrick9224 Facts, my adoptive parents are both doctors and didn’t get out of debt until they were in their late 30s and had their own practices.
I did it in my late 20s, but had a substantial structured settlement from multiple class action lawsuits which propelled me to success, otherwise I’d still be 34 today working a regular job, barely making it.
You need luck, something most unfortunately don’t have.
@@darinherrick9224 You are absolutely correct. I've been working jobs since the age of 10 and now getting close to 60. I started saving as much as I could in my early 20's, lived within my means, been laid of from jobs twice and overcame cancer. So much of life is financial luck.
Just follow these guys. Don't buy expensive cars or trucks. Also never stop trying to make more money
’d rather you just start new positions in ETFs with future income and build that. I will advice you get yourself a financial advisor that can provide you with entry and exit points on the share/etf you focus on.
What are your thoughts on moving from individual stocks to ETF? That would mean selling and taking a loss on some stocks I want a balanced portfolio, with growth investments, safe investments, and also a focus on dividends to gain up to $20K monthly
a good number of people discredit the effectiveness of financial advisors/experts, but over the past 10years, I’ve had one consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but my portfolio can stand the test of time
I've been looking to switch, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
@@kaylawood9053 ‘Marisol Cordova’. is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Well explained. Thank you for bringing up this video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject! Thanks to Mylah Evander the lady you recommended...
Everyone needs a different stream of income, such as where one can invest some parts of his or her monthly income.
That woman has changed my life for good. I attended Mylah's class a couple of weeks ago and she's awesome when it comes to guidance...
*SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME*
*EXPERT MYLAH*
Mylah was interviewed on CNBC Television. You can use something else, for me the strategy works hence my result. She provides entry and exit points for the securities I focus on.
Age 29, $160k in my 401K. I contribute 7%, my company matches 7% for 14%.
Also just opened a ROTH IRA in addition this year and will be maxing that out @ 7k annually from now on.
Abt the same 170k age 29 but I get a pension that’s about 800$ a month.
How much do you make?
@@NWI_Steel Started off at 50k, stayed with the same company since I was 21, now at $125k.
What is the 401K invested in?
@@glasshalffull2930 It's a large variety of mutual funds and ETFs.
Approximately 30 funds weighted towards aggressive growth for now since I'm in my twenties.
We are 60+ years old, both had to retire early due to severe medical conditions. I never thought we would be millionaires but the calculation of our net worth has proven me wrong. If you max out the 401K contributions it can be hard to get used to at first but after a short time you will realize that you do not miss the money. Think about the big purchases that require monthly payments, extravagant vacations, going out to eat more than you cook at home, every purchase that is not in your monthly budget. Do you want the ability to retire when you need or want to and enjoy the retirement or do you want to create your future retirement based on owning an expensive car or going on an extravagant vacation. Don't assume you will be capable of working until the age of 65, plan your future by making smart decisions with your money, you never know when the day will come when you can no longer work.
Well said!
But have you lived? No snark, I just don't see the point of scrimping all you life and then you just spend all that on medical bills. It doesn't seem like living to me.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Dunker762 Oh please I’d love that. Thanks!
@@Lourd-Bab Judith Ann peace is her name
Lookup with her name on the webpage.
@@Dunker762 She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Averages are skewed by high earners. Probably should have used medians
THANK YOU!!! I was coming on here to say the exact same thing, but you beat me to it.
Opposite in this study. high income earners can still only add like 22,500 a year. If he removed them the average would actually go up. high income earner create individual accounts for outside control and better options at investing. Many 401ks are not very good from an option standpoint and only are only good for the matching.
I got incredibly lucky when one of my grandpa's friends helped me set up my 401k and talked me into dumping 25% into my 401k with a 3% employer match. I let it go for 10 years and finally figured out how to change it 😂😂
My job doesn't offer a 401k, however they do offer a Pension and a 457B (roth and traditional options). So i dabble in all 3. 18% total.
As a soon retiree, keeping my 401k on course after a rocky 2023 was my top priority, but I have been reading of lnvestors making up to 250k ROI in this current market, and it’s overwhelming. any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
The best course of action in the current market is to work with an investment advisor, especially for near-retirees. I've been working with a coach for a year now, primarily because I lack the depth of knowledge and mental toughness to handle these recurrent market conditions, even though I've already made over $320K in profits. It's evident that there are more aspects of the market that average people are unaware of than investment advisors are.
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
*Natalie Marie Gentry* You can easily look her up she has years of financial experience
We are in our late 40s with $900k in 401ks, house almost paid off. We maxed out retirement investments in our 20s and it has quintupled. We have 3 pensions (military and civilian) so we decided to decrease investing to 5%. Air Force paid for our Master degrees. Focused on padding our brokerage account and piling cash to retire in a few years. Thank you to Jesus!
Time to give like no one else according to Dave. I take Paypal or Venmo.
Im 41, parents taught me Ramsey principles when I was in college. I've had to prepare for an early retirement because of Type 1 Diabetes diagnosis when i was 11. Lets face it, I'm not going to see 70. I will be lucky to make it to social security age. I am planning on a retirement at 55, if not sooner. This is possible because I (and my spouse) have been following the baby steps for many, many years. These average numbers are very sad. Money guys did a podcast on this subject around the new year as well that is worth a listen.
I pray that you to be able to see beyond 80
Age 52 - $2.6M in all retirement accounts combined. No debt. No mortgage. House value is $2M.
That’s goals right there.. well done 👏🏻 2M house paid off is crazyyyy
@@spdog3344 We paid it off last summer. Paid off the last $900K of it in 30 months. It was every extra penny we had.
Great Job! Age 44. $2.8M. Two paid off houses worth $2.3M.
@@boredoreos Daaang!! Nice work!!
Noice
Seeing those numbers, I'm grateful that my job of 9+ years has a mandatory pension. With how lacking my financial literacy was until recently, I'm not sure that I would've contributed anything or been as far along as I am right now. I still have some debt that I'm paying off but I'm making consistent progress for where I am in life.
I had zero financial education or role models growing up. My parents never invested so I never did either until I was 30 and after talking with an old coworker about how important it is. Thank goodness for that. Now 10 years later I still feel way behind, but contribute nearly 30% between my 401k and Roth IRA in order to hopefully catch up somewhat. Even today, it’s amazing to me how many other coworkers still don’t invest or participate in the 401k.
How do you do this without hitting contribution caps
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains,I’m not sure where to go from here.
Consider reassessing your portfolio for potential adjustments or diversification strategies to better align with current market trends. Consulting with an expert advisor would be advisable.
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1 million in returns on investments.
I'm considering a switch but haven't been actively pursuing it. Could you suggest your advisor? I'd appreciate some assistance.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
putting 800K into a standard index fund 2 years ago would have netted you about $150K in gains in the 20 months. Perhaps we need to adjust your expectations on "substantial"? This is the stock market, not the lottery.
My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.
29yo - 10k 401k, 30k in one roth and another 30 in another roth. 20k in first house fund. No debt never had debt. Biggest improvement i can make is getting a better job (47k a year currently) Once i get that contribute more to my own investments and savings.
I am a little bit ahead which is perfect. I see some huge balances below but please remember… experiencing life is very important. Having a huge savings on your death bed with no meaningful relationships, experiences, and influences is extremely depressing. We will all become dust, a huge retirement account doesn’t change that.
It’s not all about have a big pile of cash on your deathbed. It’s more of enjoying your retirement years and then leaving a legacy behind to loved ones.
@@benb586 I don’t disagree, but in my industry which is in finance and death, I see this. People obsessing over insane amount of resources that they don’t get a chance to enjoy and I watch their kids blow it. Those kids wanted memories, but Dad or Mom were penny pinching or working every little bit. When the kids finally got it they spend it fast. Trust helps govern spending, but it also creates animosity. All I say is have a balance approach. Have a goal set and break down how you can live on it and enjoy retirement with good health and good family life.
I think your out of touch with what's realistic for a lot of younger people, wages are low, housing is super high, that extra $600, is going for food, gas, living expenses.
He's out of touch with what's realistic for damn near everyone. Which country is he living in?
@@strangerdanger8462he's living in the same country where the average car payment is over $700 and people spend way more on consumerism than they can afford and where virtually none of the population budgets while simultaneously claiming that it's impossible to save $600/month
For some people it will be impossible, but I bet a lot could save or make an extra $20 a day.
The video is about the ideal and how you should still put something away even if it is small
I’m behind but we have worked our way up to 15% last year! Love your content!
Way behind, just turned 30. I’m taking this year and the coming years to fix and “plant.” :) thanks George!
I’m 24 and contribute 9% plus my company match. I have $32k in just my 401k
I only have about 36k in my TSP account at age 39. I’ve made huge strides over the last year and a half and have learned a lot. Hoping I can catch up somewhat fast. House will be paid off in next year or two.
Good job on this video, George!
This is very helpful. It is both encouraging and challenging. Encourages me because I'm above thse average but gives me higher goals to aspire to because I want to be able to enjoy retirement if I'm blessed to live a long and healthy life.
There are a *lot* of people who don't have a 401K. Gig workers, self employed, small business etc.
They have other, similar options
Just invest in $voo...
Can confirm. I myself don't have even 5K . . . let alone 401K. ( o.o)
yes but you can open a Roth Ira with 7k annual max contribution. Which is 583$ a month. Stop making excuses.
They can do a solo 401k or Roth IRA if their employer doesn’t have a 401k, so no reason to not invest
You notice how 90% of the comments are people who are doing well and want to tell about it. Lol
Just turned 44, definitely behind but I have been saving since my 20’s, just not enough. Time to ramp it up, thanks for breaking it down like this!
Right on track! I’m 34 and starting investing 10% at age 24 and I already have a good chunk of money in my 401K. Once my kids are out of daycare and my house is paid off I’m throwing even more money at it!
I started late, im 35 with 44,000 in retirement, which is half Roth 403b 20k, and half traditional 403b 22k im investing 300 a month into roth 403b and company match equals about 170 a month, so 470 a month, also get a pension through my employer. Im behind on retirement accounts for my age so far, and pension should help take up some of the slack come that time, but will contribute more when kids are all in school and wife goes back to work next year.
George, you are by far my favorite Ramsey personality! Dr. Deloney gives you some serious competition though
30 and on track ✨ Thanks George !
On track is behind. George isn't painting the real picture. 10% average yearly return is not accurate. It's more like 5-8%.
The truth is he is using the "Average" 401k balance when in reality he should be using "median" which is way lower numbers
Average or median doesn’t really matter as those people are basically screwed.
Great video buddy. Thanks
Super helpful, and thank you for making it funny!
I’m 25, have $19700 in my 401k. Unfortunately, I’m on pause due to working on Baby step 2. Best of luck everyone!
170k saved with a 800$ month pension at age 70. Currently age 29.
Love this video... rly giving ppl hope while also spitting those true facts and helping ppl understand finance. Helped me. Thanks my dude..
Great advice & humor!
I was able to retire at 53, but I do regret not starting to put that 15% into my 401K the moment my company started one in my mid 20's, I also regret having a bunch of CC debt at that time. I didn't get my financial act together until I was about 40, so if you are getting a late start there's still hope. In 2008 during the recession my 401k dropped to $25k, when I retired at the end of 2019 it was worth over $300k.
I'm in the same boat as you. I executed my wealth creation plan only at 39. I'm turning 44 next month and could retire by 50 (dream retirement) if I were to start at 25. Now, I think I have to work at least until 55 and with some compromises unless my investments show significant growth.
Good for you! Victory can be achieved despite adversity!
Thanks for this breakdown. It’s helps put into perspective just how much your retirement can increase in 10 years!
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Now with the recent economy, To get Financial FREEDOM you have to be making money while you're asleep.
True though unfortunately mine always end up with losses 😭
Building a good investment portfolio is more complex so I would recommend you seek Brian Nelson support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams..
LOLTYM! Live on less than you make. Not always easy to do. Personal finance is a lot like driving. Yes everything that is happening right around you and in front of you is critical for you to pay attention too. However, to ensure you get to the destination on time and safely, you need to be able to see traffic patterns ahead, read far away signs, and remember that it up to you do plan your route the best way possible.
Love this channel. 👏🏽
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing! I'd suggest you consider financial advisory at this point in time, remember you are in for the long haul
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
She goes by '‘Nicole Desiree Simon’ I suggest you look her up online. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Not on track George. 56 and really just starting but have debts to pay off first.
I’m turning 22 next month and my 401k balance hit the 5 figures last week. I was pretty excited and looking forward to watching it grow over the coming decades!
I’m 32 and have 125k in my 401k. Started it when I was 21 years old. Very glad I did. But I only have like $2,000 in my emergency fund so I really need to do better there.
I'm 39. However, for my retirement I'm using three different accounts: 401k, Roth IRA, and a Roth 401k with the army reserves. When added together my retirement accounts add up to roughly $110,000. I guess that's not too bad since i reality didn't start investing until I was like 32. Now, if i add my brokerage account then I'm over the $131,000 i should be at.😊
@@jolanahoward he said in your 40s not exactly at 40. I was going off the 30s chart. I have 10 years in my 40s to hit that mark. Actually I think he said 45 I should have $460k (attention to detail my friend). Will I hit that mark. Eh. I dunno with the way the markets act. But I shouldn't be too far off by then.
I'm 45, $800K net worth. Been saving 50% of my salary, investing in stocks & living below my means. My goal this year is to be more serious and consistent with my investments for long term. I want to invest more this year but I'm not sure on how to mitigate risk. I'm worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
A good number of people discredit the effectiveness of financial advisors but I've had an advisor consistently restructure and diversify my portfolio/expenses with dividend-paying stocks, ETFs, Mutual funds and REITs, achieving an annualized gain of 25%, in the past 5 years I've made over $3million in net profit, might not be a lot but i find myself secure financially. Is never an easy step, it takes time and dedication
I'm looking to give stocks another shot after staying on the sidelines since the pandemic, if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor?
You can glance her name up on the internet .she's renowned and has quite a following. So it shouldn't be a hassle finding her.
Exactly what I'm doing again this week. The smartest thing I've ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off
Thanks for sharing. searched for her full name and her website popped up, I set up a call with her
Thanks for the info
Great to know where I stand
I am so behind , but I am working on it
Im 25 years old just paid off my mortgage and have 135k in retirement and i make 85k to 95k a year as a factory worker, working about 60 hours a week for 6 years. I plan on retirement around 50 years old
There’s a major flaw in the logic here. The average income was not 59k 10 years ago let alone 40 years ago.
Alright, now do a video, where the common man who makes under 40k, and can only save $100 a month.
$100 per month age 20 to 65 is 1 million dollars. Sounds pretty good.
@mattjurd need to see some math on that one
That person should work 6-7 hours more on the side every week to add a good $500 to that investment every month and be a multimillionaire with 401k alone at retirement. Of course they can ease on the 6 hour side hustle once they get their first promotion or get a job that pays a bit more.
@@Jayhawkeer1 Sure. Enter those numbers in a compound interest calculator. Use the historical sharemarket return of 10%
Tried to link to a calculator but UA-cam doesn't seem to allow that. Just google compound interest calculator
👍👍Great advice, George!! My husband and I are in our 50's and we retired 3 yrs ago. We started saving for retirement (401k) 35 years ago right after we got married. We started the Ramsey FPU plan 17 years ago and we now facilitate the class. It's been a real blessing to see the things God does by changing lives with the FPU couples! We are totally debt-free and we are now millionaires. 🎉🎉Any body can do this plan...it's pretty simple... just don't live beyond your means and If your outgo exceeds your income, then your upkeep will be your downfall. God is good...All the time.
Live like no one else, so that later you can live and GIVE like no one else. That's the best part of all of this, you get to GIVE more. *Proverbs 3:5-6
Good videos George. Keep it up.
I’m 27 and feel so behind in my 401k. I only have about 10k because I spent my 20s cash rolling school, buying a house, saving an emergency fund, and paying off debt. Hoping to get a new job this year and double my income so I can catch up on my investing.
You’re 4 years younger than me when I started contributing. Keep going!
You in the right path, keep moving and force on your goals.
You are just fine where you’re at. Just keep investing 15% and you’ll be golden. Remember, his numbers are based on $625/month for 40 years and never increasing that amount. So as you make more you’ll be contributing more!
You've got a great start. You'll feel like it isn't moving along for at least a decade. Then, it's like magic.
You're in great shape. You have debt paid down, an education, a house. Just don't let lifestyle creep set in and don't take your foot off the accelerator for savings and you will be in good shape by the end of your 30s without a doubt. Well done.
I've been adding to my 401k every year, so basically my paychecks have been getting smaller since I add higher percentage to the 401k than my raise percentage. Right now contributing about 15.5%, plus company match, which seems to be 3.4%. I'm 52, and my 401k balance is $268,655.43. According to Vanguard, my fund is well funded, but I'm not going to stop increasing the amount I put in.
Pause investing now to pay debt off. Not investing in retirement (temporarily) pushed me to be debt-free faster because I hated missing out on the most precious resource; time.
You got this, man. You're going strong! I did the same thing you did, but unfortunately started at age 40(yeah, I know...stupid) . Every raise(+ an additional 1-3% each year) for the last 10 years has gone directly to increasing the 401k Roth contributions to the point that I'm capped now(happened last year). I'm almost where you are balance-wise, but I lost SO much time being irresponsible and should be WAY farther ahead than I am. I'm hoping that, if I keep throwing everything I can at it, the progress will still allow me to retire reasonably comfortable with a paid-for home. Fingers crossed.
@@jasonmoquinI have been at my current job as a full time employee for 11 years, so I actually started my 401k when I was 41.
@dr_pinna543 Not sure I would want to do that since I am contributing well, paying my mortgage, and still saving money. I have 5 close to 6 months in my emergency fund.
It depends what the interest rate on his debt is. It doesn't make sense to stop contributing to retirement for awhile in order to get rid of a low interest debt (low is in 3% and under). @@dr_pinna543
I’m behind but I had 2 major interruptions in life that took my savings/retirement😢
I feel confident I’ll be back on track.
Cracking video
Mythbusters did an episode on this, supposedly the door wouldn't have been buoyant enough to lift them both out of the freezing water and they both would have died
She didn't even try
They could have taken turns. She just got up there and took a nap and let Jack die.
My thoughts!!@@giantpune
That's what I was thinking too!
George...Dude, you are hilarious! Super easy to listen to and makes sense. Your book is definitely a keeper too. Kudos to all of you who are on point with your savings (a little "braggish" to me but whatever). At 45 I have finally left the dock and am heading in the right direction. Thanks for your content.
Good explanation!
Thank you, bro!