Here we look at actual data put out by your 401K and IRA companies. We look at what you will Really have to retire on, and what you can do about it.
Dont wait until your about to retire to Actually plan for and make sure you have enough!
$45,000 by age 62 YO in your IRA
that equals $2,250/year income or
$187.50/ month for 20 years
$91,000 in 401K
that equals $4,550/ Year! or
$379.16/ month for 20 years!!!!!
adjusted for 4% inflation rate that is:
$303.20 month 401k
average contribution to IRA by age 62 in $5,500 in 2015
Even more alarming: That figure is just the mean, and it’s pulled up disproportionately by those with high balances. If we take the median 401(k) balance, we get just $29,603, or just about $1,200 per year in retirement income.
reality is that the average person will receive just $1,200 per YEAR from their 401K. Thats a whopping $100/ month for you to live off of!!!!!!