Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
Even though you shouldn’t compare yourself to other people when it comes to retirement planning, everyone wants to know where they stand compared to other people their age.
We came across an interesting article on Annuity.org recently that detailed 50+ retirement statistics for 2022 that provided a great overview of the average retiree. We’ll share some of those stats on the show today and talk about which ones are important.
Among the key findings:
- Sixty-two is the current retirement age, and the estimated retirement age for current workers is 64.
- Women have smaller retirement savings overall, with an average $57,000 saved, compared to men’s $118,000.
- The median retirement savings for all workers is $97,000.
- Savings expectations for a comfortable retirement increased 10 percent to $1.04 million in 2021.
- Over half (55%) of workers plan to work in retirement.
- Thirty-six percent of older homeowners spent at least one-third of their income on housing, compared to 76% of older renters.
Although the study says $1.04 million is needed for a comfortable retirement, we question that number. It really depends on your situation and how much money you need.
We met with a couple recently who are 51 and want to retire in the next 10 years. The wife didn’t want to lower her lifestyle in retirement, and they want to do a lot of travel.
They wanted to know how much money they needed to retire. We explained that it depends on how much they’ll get from Social Security, their budget and what retirement income streams they have.
To hear more of our thoughts about these retirement statistics, listen to the full episode or use the timestamps below to jump to a specific section.
2:37 – Savings expectations
7:15 – Delaying retirement
9:41 – Increasing savings
10:16 – Social Security
14:07 – Health care
15:26 – Where will you live?
“Make sure you are putting money where it needs to be, you understand what your budget is and what your income sources will be in retirement.“
-Matt Hausman
Additional Podcast Episodes:
- Spending More Money Than You Make in Retirement
- Murky Areas of Retirement Planning
- The Fear of Spending Money in Retirement
Do You Have A Smart Money Question?
Ask Matt your smart money question. Click here.
More From Matt:
The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
