this post was submitted on 14 May 2024
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FIRE (Financial Independence Retire Early)

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

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12
Average Retirement Savings Balance by Age (money.usnews.com)
submitted 4 months ago by [email protected] to c/[email protected]
9 comments fedilink hide all child comments
 

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

Average total retirement savings by age:

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

  • =75 - $462,410

Average 401k balance by age:

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

And retirement savings targets from various advisors:

Fidelity:

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

Rowley:

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

Anyway, do you like metrics like these?

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[–] [email protected] 3 points 4 months ago

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

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

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