How to Save 75% More Money for Retirement: Financial Planning

in Financial Planning by

KEY POINTS
  • Our data shows that retirement balances can be up to 75% higher with a financial planner.
  • Delaware, Connecticut, New Jersey and Alaska save the most – due to higher living costs.
  • Wyoming, Oklahoma, and Montana save the least – likely due to lower living expenses.

At Personal Capital, we’re all about helping folks amp up their retirement savings. And that’s why we want to enable more Americans to understand where they stand today, so they can start working towards the retirement of their dreams.

Our data shows that with a plan, you can save up to 75% more — and that adds up in your Golden Years. Curious where your savings stack up against others in your region or generation? Check out our retirement trend findings, and start your retirement planning with Personal Capital’s Retirement Planner today.

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Marianne Ahlmann

Marianne Ahlmann

Marianne is Communications and Content Manager at Personal Capital.

4 comments

  1. Mark

    A large portable of my retirement is RE is that counted?
    I’ve got Rental Houses that will be paid off by then.

    Reply
    • Bruce epis

      I think so…. As if you had already refinanced at these low rates… Then when you retire and you hold your real estate all rents are income, or if you have made a very very size able capital gains on sold properties… You could retire and just by very high income or income and growth stocks… I too am a land lord and they will be… Well some of them will be paid off by the time I retire. Where are your properties?

      Reply
  2. Dave Quick

    These stats are relatively meaningless. Without quartiles called out and a breakout based on demographics/specifically age (of which only one here does) it is entirely too vague. If you picked on a specific age range and then compared geographically it’s slightly more useful, but having a 34 year and 14 year band is still too wide. Even at 7% growth you’d be doubling your money each 10 years, so in that 34 year band you have people at 1x and others at 4x even if they had the same amount of savings at the same age…. meaning it’s a spread that makes it silly to compare.

    Reply
  3. Chris

    Where you have that Boomers have saved, on average, $554,805, does that mean that a married couple has saved double that because there are two of them, or just the half-million because they’re one entity?

    Reply

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