What our clients average retirement plan looks like.

[Music] hey dustin tibbetts here financial advisor with jazz wealth managers how's it going today hey i'm going to try something different here today what's the average retirement plan look like but instead of just sort of looking around the internet and finding stuff and then reporting what fidelity says or whoever we're going to give it to you as far as our customers here at jazz you may know that we recently just hit the 100 million dollar under management mark super excited about that and to do that we have about 4 000 customers and you know we track every single thing right we're a bit of data geeks around here so what i want to do is actually go through the age brackets as we break them down in our uh sort of portal that we've built there and show you what the average looks like for them we're going to break it down by category as well so without further ado grab my trusty sheet here and let's get started so here's how we break it down we actually do we track customers that are less than 30 years old 30 to 40 at 40 to 50 and then 50 plus so if you were ever to sneak into our back end we built our whole thing there you'd find that this is how we're actually taking keeping track of every customer and the things that they do and you know what works what doesn't all right so just to break down the number uh percentage of customers in each category because we're going to start talking numbers here so i don't want you to think it's general we naturally have some more than others in these categories we have 17 percent of all customers are under the age of 30. we have 36 percent age 30 to 40 24 40 to 50 and 22 percent of our customers are 50 plus so it's kind of an even uh division there 30 to 40 is the hot spot and then under 30 is our weak spot there if you're if we were trying to have customers in every group okay first thing we're going to start with is the average age that customers want to retire so you may not know this but every single customer that joins i start an initial plan with them we don't often always use the nest egg software unless somebody really wants to or they have a really complicated plan but i always force every customer to do the initial plan and i ask them the following questions so what we did is we took all of them together by age group and figured out what the averages were and here we go so people that are less than 30 years old they say i want to retire at 57 years old that's the average obviously some higher some lower 30 to 40 they say an average of 59 40 to 50 comes out at 61.5 and everybody that's over the age of 50 says i like to retire at 65. that kind of interesting when you're younger you want to retire uh early as early as possible and then as you get older you say i don't you know whatever i'll that's fine i'll work a little bit longer i like what i do or whatever so that's the breakdown there one of the questions we ask is how much in total income will you need for retirement so factoring in everything how much do we want to plan for for you for the under 30 crowd it's 107 0646 that's how much they want to have in total income this would be whether it's uh your retirement uh distributions it could be rental income social security whatever it is uh for the 30 plus or 30 to 40 crowd we've got 89 706 quite a substantial decline there in terms of what they're looking for for the 40 to 50 crowd we've got 88 412 really really close i found that interesting there and i'll show you why that happens in just a moment and then for the 50 plusers the average came out to 64 929 so we'll just say 65 000. so the older you get the less you realize you need a ton of money to survive right that's pretty interesting i thought when you're young you think hundred thousand man i gotta have the hundred thousand i'll do whatever it takes and i wanna retire earlier with a lot more money the older you get it seems that people are cool with retiring with less but they're willing to work a little bit longer so maybe that's because they're retiring later don't need so much income all right the amount saved already so we asked that question to everybody welcome to jazz let's get started on your initial plan by the way how much have you already saved for retirement it could be in your 401k tsp things like that under 30. this is a big one because you see this all the time how much money should you have saved at certain ages the average for our customers is one 18718 so if you're under the age of 30 and you have less than nineteen thousand dollars saved already that's technically average compared to our customers i get it the data sets not that large because we have four thousand customers in total right only 17 of them are here so it's not the largest data set ever but there you go uh we've got 42 809 for 30 to 40 year olds so about 50 000 is how much everybody has saved in that category notice this is kind of interesting from 30 to 50 doesn't really go up that much life seems to get in the way come on talk to me leave a comment did life get in the way for you between 30 and 50. it did for me i started a business took all my time right so i'm always here but it seems that you get this ramping up while you're younger and all of a sudden you got kids in there you maybe have you know divorces who knows what happens you buy property you focus on different stuff the 50 plus crowd 87 for 11 is how much they have saved already so you would think that number would be a lot higher right but they always say people save less than they should the average savings so far when someone starts with us is eighty seven thousand four eleven um other income expected so we always ask you do you expect social security if so do you wanna estimate that do you already know do you have an airbnb that you rent out and that's gonna be part of retirement income that you want to have right here and so for other income 706 dollars is what the minus 30 or 30 and under crowd thinks you got 11 44 these are averages of course i think i've said that already uh 40 to 50 21 81 and 27 46 for other income now tell you most of the people in this category are already starting to estimate social security most of the people in this category have some sort of passive income idea they say skip social security but i'll tell you what i'm going to start another account i'm going to do some dividend stuff or i'm going to have a little tiny house field somewhere or i have other income coming from different sources so i'm fine with that it could be rental income or whatever so that's the spread there in terms of other income now what we would do here is we would say you've got 24 27 46 of the 64 929 so this is already accounted for the rest of that money you're going to pull from your retirement savings there so that's that one now big question how much do all of these groups find out that they have to save to hit their retirement goal right so basically we take a bunch of information from you we start that initial plan and then i say okay if you want to hit this goal and you're this age and you want to retire at this age you're going to need to save x number of dollars this year next year etcetera and all that so the average amount needed to save to hit that goal a year right is 5862 for those that are under the age of 30. i wish that was all i had to say right when you're young man you've got time on your side you got to start yeah don't worry if you can't hit averages and things like that just sucking away money when you're so young as you can see because life gets in the way right there what a benefit that's awesome to see that okay 30 to 40 big jump 13 676 is how much that crowd needs to save huge jump inside of there granted it's a 10-year spread but 13 676 is how much they need to save on average in order to hit what goals they have at the average retirement age that they want you've got eighteen thousand eight eleven over here oh eighteen thousand one hundred and eleven there we go every dollar counts uh so from forty to fifty that's how much the average customer has to save to hit the goals that they want uh for retirement now you you know you don't you can do whatever you want but this is what we plan out for them and the 50-plus crowd largely because they're starting a little bit late as far as getting serious you've got 26 522. that's a that's a big one right now keep in mind this is money that goes into your 401k these are matches to your 401k if your employer matches something um it could be tsp contributions maybe roth ira basic investment accounts things like that so there's something we don't normally do that's a look at all of our customers there but with something that may help you where do you stand there and where do you want to retire uh how much of you have saved already it's kind of cool so i just something i wanted to do for a while but you know when you're smaller and you don't have a lot of customers it's like okay that's not a lot of data you know that the more data you have the more accurate you can be with any calculation you're doing so that's about 4 000 people as a whole but now you also know the breakdown of what percentage is in each category there cool that that took a little bit of work to put that together but i hope it helped you and hope it gets you thinking a little bit there if it did help you in some way you know hit the subscribe button something that has to do with youtube getting us to a hundred thousand subscribers because we'd really like to be there if not i understand i'll see you later on the closing beat uh five o'clock eastern live on our youtube channel we'll go over the stock market and all the geeky stats that have to do with that enjoy the rest of your day [Applause] [Applause] you

Channel: Jazz Wealth Managers

Views: 63,077

Keywords: retirement, retirement planning, saving for retirement, financial planning, retirement plan, dave ramsey, how much to save for retirement, retirement savings, retirement income, retirement investing in your 50s, retirement calculator, retirement savings by age, early retirement

Id: IP6aZyuO2fw

Length: 10min 20sec (620 seconds)

Published: Wed Feb 03 2021