If you are a baby boomer with at least $100,000 saved, congratulations. That is no small feat.
And if you find yourself in that exclusive camp, chances are your net worth is even higher — in fact, much higher.
The average baby boomer household with at least $100,000 saved actually has a total retirement savings of $920,000, according to a recent Charles Schwab study. That total reflects the retirement savings of each survey participant and, if applicable, his or her partner.
Not surprisingly, most of the respondents are confident their large nest eggs will provide adequate income to last throughout retirement. Among those asked:
- 43% believe the money “will get me all the way there”
- 39% — “will get me most of the way there”
- 16% — “will get me some of the way there”
- 2% — “is not going to get me there at all”
The survey included 2,000 Americans ages 55 to 75 with at least $100,000 in investable assets, including their savings for retirement.
Apparently, all that money has made these baby boomers an optimistic bunch. Among survey participants who had yet to retire, 84% expect a quality of life in retirement that will surpass that of their parents. And 80% anticipate their retirement will be better than that of their children.
Creating the retirement of your dreams
Whether you have $100,000 — or more — saved or not, you can always improve your retirement prospects. All you need are the proper tools to do so, and Money Talks News can provide them.
To start, check out “Your Top 5 Retirement Questions, Answered.” It’s a primer on how to build and maintain a solid retirement nest egg.
Once you’ve gotten your feet wet, dive into the deep end of the pool by enrolling in Money Talks News’ retirement course. This 14-week boot camp has everything you need to plan the rest of your life, know you’ll have enough money and make your retirement dreams a reality.
The course is intended for those who are 45 or older, and can teach you everything from “Social Security secrets” to how to time your retirement.
For more on the course, check out The Only Retirement Guide You’ll Ever Need.
While all that self-education will give you plenty of important insights about saving for retirement, some people may be more comfortable partnering with an expert when crafting a retirement savings plan. If that sounds like you, stop by Money Talks News’ Solutions Center for help finding a trustworthy financial adviser.