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Category: Personal Finance

Age and Retirement Savings to Income Multiple: What Should You Have Saved?

One way to evaluate retirement savings is to look at a retirement savings to income multiple. In this post we'll look at a good multiple to target and how Americans are doing. How do you compute a retirement savings to income multiple? Take a household's total retirement savings and divide by typical household income to […]

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American Retirement Savings by Age: Averages, Medians and Percentiles

Unfortunately, most people aren't on track to save a significant amount of money for retirement. Depending on how you do the math, 32-61 year old households averaged around $120,809.40 in retirement savings. Age, of course, matters. Using a very strict definition, households headed by 30-34 year olds averaged $24,254.48 in retirement savings with a median of […]

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Average American Retirement Savings, Medians and Percentiles

In 2016, American households headed by someone aged 32-61 averaged $120,809.40 in retirement savings, or $264,453.30 using an expansive calculation. Using the same calculations and definitions, American households have a median of $7,800 and $17,000 saved, respectively. American Retirement Savings in 2016 In 2016, the Economic Policy Institute released a study with an interesting dive […]

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Retiree Net Worth in America in 2016

While net worth comparisons are interesting and revealing for all ages, net worth is most important for retirees. When people retire, they rely solely on wealth, periodic payments, and individual help to live. Here's a cut of our wealth percentile data for American households headed by a 65+ year old individual. Beyond that, we further […]

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Retirement Income Generator: Other Ways to Handle Interest Rate Risk Than a Pure Bond/Equity Portfolio

Editor: Patrice has followed up on his promise to study his strategy - please see his Accumulation Decumulation Study, and visit his writeup on his website. Please welcome Patrice Leblanc to Don't Quit Your Day Job... today as your guest host! He graduated from the University of Sherbrooke with a degree in Mathematics and has […]

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Is A Million Dollars Enough? 'Millionaire' is On The Way Out

In this country, there is a definite fascination with the word 'Millionaire'.  It's a word which comes with all sorts of interesting associations - affluence and opulence sure, but also someone shrewd with business dealings, on top of their game, and always dealing - or possibly just extremely busy at work.  Interesting and fun word […]

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Historical HSA Contribution Limit

Every year, the IRS sets the maximum HSA contribution limits based on previous limits and inflation, measured by CPI. They maintain a number of variables, chief among them an individual limit, a family limit, and an age 55+ addiitional "catch-up" contribution limit. What is the HSA contribution limit in 2020? The 2020 HSA contribution limit […]

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Historical IRA Contribution Limit

Annually, the IRS sets a maximum IRA contribution limits based on inflation (measured by CPI). There are limits for an individual contribution and an age 50+ catch-up contribution. Since 1998, non-working spouses can also contribute up to the same limit as an individual. Whether an IRA is deductible or not is determined by a separate […]

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Historical 401(k) Contribution Limit

Every year, the IRS sets the maximum 401(k) contribution limits based on inflation (measured by CPI). There are actually multiple limits, including an individual contribution, an employer contribution, and an age 50+ catch-up contribution. If you're currently working at a company with a plan, we highly suggest familiarizing yourself with its mechanics and any matching […]

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You Should Max Out Your Retirement Accounts As Early and Often as Possible

Here's a hard truth: you should max out your retirement accounts as early and often as you can. Having money in tax-protected accounts gives you piece of mind now, and a cushion in case of unplanned issues and bumps in the future. The Failure to Contribute Is Costly We once read a piece in Bloomberg claiming […]

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