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However, net worth may not be the best indication of retirement readiness.
Read on for more details.
Also seehow retirees can tell whether theyre poor, middle class or rich.
However, the median increased to $410,000 for the 65-to-74 age group.
The average of the medians for the two age groups works out to about $387,000.
Nor does it tell you how much cash you have available to pay those expenses.
But youd have a $600,000 nest egg to carry you through retirement.
Compounding returns on the unused portion of your savings might be more than enough to offset your mortgage payment.
News & World Report.
How Much Savings Do You Need for Retirement?
Those are baseline recommendations.
Someone who wants to travel extensively in retirement might need more.
A retiree who lives a more frugal lifestyle might need less.
Per theSocial Security Administration, the national average wage index for 2023 was $66,621.80.
Analyzing your current spending can help you project those future expenses.
Department of Laboroffers a free resource with worksheets for calculating assets, savings and expenses before and after retirement.
