If You've Saved This Much for Retirement by Age 70, You're Ahead of the Game
If you are targeting the highest Social Security payout, you'll wait until 70 to start collecting.
Overview
Saving for retirement is not an easy task. It helps to have some yardsticks to keep you on track. That said, Social Security will pay you more every month if you delay collecting past your full retirement age. That benefit ends at age 70, which makes it a good age to use for a final retirement assessment of your savings. Your goal, using other savers as a comparison, is around $600,000. Well, it's actually not that simple. Here's what you need to know.
Saving is basically deferring spending today so you can spend in the future. It isn't easy to do that. Not only do you have living expenses to cover, but the modern world seems designed to get you to spend money. It takes material discipline to put money aside for the future. Which is why it is notable that the median savings for those aged between 65 and 75 is around $200,000.
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Originally published at www.fool.com.