55 Years Old and Nothing Saved for Retirement

Many Americans have no retirement savings at all. Are you curious about how to retire with $0 saved for retirement? In this video, we'll reveal the shocking truth about the average American's net worth at different ages, provide expert advice on how to avoid retiring with nothing, or how to retire with nothing saved.

Timestamps
00:00 Introduction
01:43 Average Net Worth by Age
02:26 Retirement Savings Crisis
07:15 Poverty in Retirement
09:38 How to retire with no money saved

#personalfinance #retirement

Key Statistics:

1. Average Net Worth by Age: Discover the average net worth for Americans in their 20s, 30s, 40s, 50s, and 60s.

2. Retirement Savings Crisis: Learn about the alarming number of Americans who are not saving enough for their retirement or the 1 in 3 in the United States that will retire with $0 saved for retirement.

3. Poverty in Retirement: Understand the risks of retiring with little to no savings and the consequences of poverty in retirement–50% of Americans over age 65 live on a gross income of $30,000 or less, according to Business Insider.

Expert Advice:

1. Start Saving Early: Begin saving for retirement as soon as possible, even if it's just a small amount each month.

2. Take Advantage of Employer Matching: Contribute enough to your 401(k) or other retirement accounts to maximize employer matching.

3. Avoid Debt: Work to eliminate high-interest debt, such as credit card balances, to free up more money for retirement savings.

4. Invest: Develop a diversified investment portfolio that aligns with your risk tolerance and retirement goals. A low-risk strategy might include index funds. Here’s how to Invest Like a Millionaire with the Personal Finance Club    • How to Become a Millionaire with Pers...  

5. Video: How to Retire with $0    • How To Retire With No Money Saved  

6. Video: How to Find a Financial Planner Near You    • How To Find a Financial Advisor Near You  

CERTIFIED FINANCIAL PLANNER

Video: How to Find a Financial Planner Near You    • How To Find a Financial Advisor Near You  

Garrett Planning Network https://www.garrettplanningnetwork.com

XY Planning Network https://www.xyplanningnetwork.com/

The National Association of Personal Financial Advisors https://www.napfa.org

SOURCES, METHODOLOGY, AND CITATIONS

Join Personal Finance Club http://themarcusgarrett.com/jeremy (affiliate link) - Courses that make financial literacy simple and accessible.

Nearly half of American households have no retirement savings https://usafacts.org/data-projects/re...

Retirement 2024: 28% of Americans Have $0 Saved for Their Golden Years https://www.gobankingrates.com/retire...

How much money you need to retire in every U.S. state—it's more than $700,000 https://www.cnbc.com/amp/2025/01/07/h...

The American Dream Now Costs $4.4 Million https://www.investopedia.com/cost-of-...

Retirement Savings Goal Calculator https://www.investor.gov/financial-to...

Economic Policy Institute - Family Budget Calcualtor https://www.epi.org/resources/budget/

//ADDITIONAL RETIREMENT RESOURCES
Community: Debt Free 5-Day Challenge http://nas.io/garrett

Consulting: How I Earn Hundreds a Month with YouTube https://themarcusgarrett.com/youtube

How I Earned an Extra $10,000 with Bonuses on Instagram https://themarcusgarrett.com/instagram

Enjoying my Exclusive Infographics featured in this video? Download them here https://nas.io/garrett/products

My bestselling eBook on D.E.B.T. Freedom is available on Amazon https://a.co/d/0sZMicL

//DISCLAIMER
This video is for informational purposes only. Nothing contained in this video should be construed as investment advice. This video description may contain affiliate links, meaning if you click on one of the product links, I’ll receive a small affiliate commission at no cost to you. These affiliates help support the channel and allow guests and me to continue making these free video tutorials. Thank you for your support!