WHAT IS THE AVERAGE AMOUNT OF SAVINGS THAT A 45 YEAR OLD MALE HAS IN CASH, IRA'S AND 410k?

Answer 1

240, 000

Answer 2

Are you talking about how much you should have to retire?

It depends on your standard of living. Say you made an average of $45K a year and plan to retire at 62. Then let's also say you will probably live to be around 75 (the age may vary depending on many factors) So you need to save (at least!) enough money to live on for 13 years. That would be about $585K. So if your 45, you should have saved around $425K already. But all this really depends on a lot of different things... like your income over your working lifetime, what age you plan to retire at, and what you plan on doing in retirement, etc. There are also other questions to think about...will you rent or will you own, with no house payment or with a house payment? Do you plan on traveling? Do you plan on buying a new vehicle?

You see, there are really many different things to think about. Everyone is different, so I don't see how there can be an "average amount of savings that a 45 year old male" should have.

Hope this helped you!

Answer 3

Depends on the demographic. Is the male single, married, or divorced. A divorce can have an impact on one's savings. What industry ?? A restaurant worker versus a lawyer will be very different.

Level of education also has an impact on the future earning potential. Too broad a question.

Answer 4

It SHOULD be 10% of his annual earning with compounded interest over his working life. Assuming that he has a working life that has covered 20 years, his initial investments should have doubled twice.

REALITY... We don't save nearly enough, if any at all. I supported my family on EVERYTHING I made my entire married life. I am now working on saving/investing and at 41 I hope to have a fair ammount put away before I quit my overseas job.

Answer 5

$10 lol