I recently saw a stat about boomers retirement funds that shocked me. So today, let's talk about

where boomers are, where you are, and what I would do if I was nearing retirement and needing to

get back on track. And at the end, I'll speak directly to the younger generations about what this all

means for us. So be sure to like, subscribe, and share this episode with a friend. So according to

investment data at the end of 2024, Boomers had an average of a 401k balance of $249,300. Now, this does not take into account if boomers had something else,

like a Roth IRA, for instance, because the average balance for their age group, and that is around

$257,000. Now, if they have one or the other, that's less than what I'd be comfortable with when it comes to retiring.

So if you have both accounts and that total near the average balance would be around kind of,

I don't know, half a million dollars, right if we're doing rough math. And so when you look at

that, you have to be able to say, okay, is that enough to retire on? And so it's going to depend

on obviously lifestyle, where you live,

where you are financially. Do you have a paid off house? Do you not? How much debt do you have?

All of it. But what about those of us who are not boomers? So if you are Gen X or millennial,

then here's where you might fall. Gen Xers have an average 401k balance of about $192,300 and an average IRA balance of $103,952.

Millennials have around $67,300 in their 401k and about $25,109 in their Roth IRA. So if I was approaching

retirements, because knowing what we know now with all the averages, there are a couple of things

that I probably would be doing. But first, here's a refresh of a few good rules of them when it comes to

retirement investing. So you want to be debt-free and have a fully funded emergency fund first.

Then you want to invest 15% of your income into retirement. So that 15% can be divided up in a

couple of ways. Really, the two big places that are great from a tax perspective are your 401k

at work, or if you have a Roth 401k, that's even better, or a Roth IRA. So what I would do is go up to the

match, if your company matches, so say they match 5% for easy math. So go up to the 5%. That means you have 10%

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