How much will you have saved for retirement?

How much you will have saved for retirement is a mystery to most people. The key is it is a number you can calculate. But you have to be comfortable making some assumptions.

I’ll address several questions:

What is an average 401k balance at retirement?

Is it too late to catch up?
How much should I save?
How do I figure out how much I will have?

What is in your control?

How much are you saving?
Where do you invest your money?

What can you influence?

How much do you make?
How long until you retire?
Your health

Things not in your control?

Your return
Someone else’s return
Your goal is the only one that matters

Conclusion
Figuring out how much you will have saved at retirement is not impossible. There are lots of online tools you can use.

Have you ever traveled to a big city for the first time? You might have taken a Grey Line tour. Surely, you saw the town and had a good time. You figured it out and saw the city.

You likely had a better time if you hired a local guide and explored. You feel like you got to know the city a lot better. Many competent advisors can help you. It is literally their job to do this. Anyone you are considering working with should be happy to talk with you. Let them explain how they can help you. I do this with anyone interested in learning more. Make sure there is a connection, and you can communicate with them.

If you get help sightseeing? It could help you if you considered having a guide when it comes to planning for retirement.