The true median savings for people in their 60s using Empower is closer to $600,000. That’s a far cry from the Federal Reserve’s reported national median of just $150,000 for the same age group. The takeaway? Most Americans don’t have $1 million in savings—and that’s okay.

Can You Retire Comfortably with $600,000?

Let’s break it down. The average annual spending for retired households is around $58,000, with many comfortably living on $42,000–$50,000. If you’re using a 5% annual withdrawal strategy, $600,000 can provide $30,000 per year. Add in Social Security benefits—ranging from $1,200/month at age 62 to $2,200/month at 70—and you’ve got a potential annual income between $58,800 and $83,000 for a two-person household.

That’s enough for many people to live not just comfortably, but confidently.

What About Single Retirees?

A single person drawing Social Security at 62 with $600,000 saved might have $44,400 in yearly income. Delay until age 70, and that figure could jump to $57,000. True, living solo means no cost-sharing—but that income is still within reach of average retiree spending.

Think Beyond Savings: Multiple Income Streams

Most retirees aren’t living on savings alone. In fact, 79% of retirees have other income streams. These can include:

• Pensions (56%)
• Dividends, interest, and rental income (42%)
• Wages or self-employment (32%)

A single retiree has $600,000 saved, receives an $800/month pension, and earns $1,000/month from part-time work. Their withdrawal rate is just over 1%—a number that’s well within sustainable bounds.

Retirement Is Personal, Not Perfect

There’s no one-size-fits-all number. Your retirement success hinges on your income sources, lifestyle, health, and spending habits. Aaron notes that while $1 million is a common benchmark, most retirees don’t hit that target—and still report high levels of happiness.

So, is retiring with $600,000 possible? Yes. Especially if you supplement your savings with other income, make smart withdrawals, and live within your means.

You don’t have to be a millionaire to enjoy a rich retirement.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Can You Retire Comfortably with $600,000? Here’s What the Numbers Say appeared first on ROI TV.

The article argued that holding too much in checking is a lost opportunity for earning interest. That’s true. The national average APY for checking accounts is around 0.07%. That means your money is essentially sitting still. If you’re not planning to spend it in the short term, you could be missing out on better returns through high-yield savings accounts, CDs, or long-term investments like index funds.

Another point raised was how behavioral economics plays into spending. When your checking account looks full, you’re more likely to spend. Tools like debit and credit cards make this even easier. Separating your spending money from your savings or emergency funds can help you stay disciplined. This is why I recommend using different accounts for different goals—just like financial experts suggest.

Now let’s talk about FDIC insurance. The article brought up the $250,000 coverage limit. While that’s a real limitation, it’s irrelevant for most of us managing balances around a few thousand dollars. Still, if you’re holding large amounts of cash, spreading it across different banks can ensure full FDIC protection.

The article also claimed that a higher balance could hurt your chances of getting a loan. This one made me laugh. In reality, lenders view higher balances as a sign of financial stability. Having money in the bank doesn’t make you a credit risk—it often does the opposite.

One valid concern? Fraud. Keeping a large balance in your checking account can make you a bigger target. Scams are more sophisticated than ever, with AI-generated voices, impersonations, and phishing attempts. Use strong passwords, two-factor authentication, and never respond to financial advice in the comments section of YouTube. Trust me, no real advisor is DMing you to “invest in crypto.”

So how much should you keep in your checking account? Most experts recommend one to two months’ worth of expenses, plus a 30% buffer for unexpected bills or delays. Personally, I check my accounts often and adjust based on my monthly needs and upcoming expenses.

Everyone’s financial situation is different, so there’s no one-size-fits-all rule here. But the key takeaway? Don’t let catchy headlines make you second-guess yourself. If your checking account gives you peace of mind, that’s worth something, too.

Let me know in the comments how much you prefer to keep in your checking account—and why. I love hearing how others approach this everyday money decision.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Should You Keep More Than $3,000 in Your Checking Account? appeared first on ROI TV.

Let’s break down what this would mean for your future.

The Power of Tax-Advantaged Accounts

Before diving into the proposal, let’s talk about why retirement accounts like 401(k)s, IRAs, and HSAs matter. These tax-advantaged tools help your money grow either tax-deferred or tax-free, and that can supercharge your savings. According to data, 56.6% of Americans have a 401(k). Participation rates are high, with 76% of Gen X and 75% of Millennials involved. Even more striking—80% of today’s millionaires credit their 401(k)s as their primary wealth-building vehicle.

The Proposal: Ditch 401(k)s, Keep IRAs

A recent Yale law paper proposes a radical shift: eliminate employer-sponsored plans altogether and consolidate the system into Traditional and Roth IRAs. The idea is to make the retirement system simpler and more inclusive. Today, 42% of Americans don’t have access to an employer-sponsored retirement plan. This change could open doors for millions.

The proposal also suggests raising the IRA contribution limits to match current 401(k) limits—$23,500 annually, with catch-up contributions for those 50 and older.

Why Some Say the Current System Is Flawed

There are definite flaws in our current setup. For example:

• Some employees have to wait months before they can contribute to their 401(k).
• Investment choices are limited and can come with high fees.
• When people change jobs, they often cash out their 401(k), losing out on compound growth. In fact, 41.4% of workers cash out when they leave a job.

The system’s complexity and inconsistent rules make it harder to build lasting wealth.

How the All-IRA System Would Work

Under the new system:

• Employer plans would disappear.
• Everyone would contribute to their own Traditional or Roth IRA.
• Employers could still offer matching contributions, but these would go directly into an employee’s IRA.
• IRA providers like Vanguard or Fidelity would handle vesting schedules.
• Roth IRA income limits would be removed, making them available to all.

This approach offers more portability, fewer rollovers, and more investment choices.

Potential Benefits

From a flexibility standpoint, I love this idea. Your IRA could stay with you your entire career. No more rolling over accounts when you change jobs. You pick your provider, you pick your investments. It’s all in your hands.

But There Are Some Big Concerns…

Without a tie to the employer, will companies still match your contributions? Maybe, maybe not. And participation might drop. Right now, 73% of workers participate in a 401(k)—mostly because of automatic enrollment. In contrast, only 36% actively contribute to IRAs. If participation rates fall, we risk worsening the retirement savings crisis.

Where Do We Go from Here?

This idea is bold, and it raises important questions. Would simplifying the system help or hurt participation? Would employer matches go away? Could it create a more equitable system, or would it widen the savings gap?

I want to hear what you think. Is this a step in the right direction—or a step too far?

Share your thoughts in the comments, and if you found this helpful, be sure to like and subscribe for more content on planning your financial future.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Should We Replace 401(k)s with One Universal IRA? Here’s What It Could Mean for Your Retirement appeared first on ROI TV.

Why It’s Time to Aim Higher

Most retirees don’t have millions saved. In fact, only 3.2% of retirees have $1 million in investable assets, and a tiny 0.1% have $5 million. But here’s the kicker—those who’ve reached millionaire status often followed simple, consistent strategies. This isn’t about luck. It’s about commitment, planning, and using the tools available to you.

The Power of Partnership and Planning

One of the most overlooked success factors? Partnership. A whopping 86% of millionaires are married, and they often attribute part of their financial success to having a partner who shares the same money mindset. It’s not about finding a rich spouse—it’s about teaming up with someone who’s equally invested in your future.

Employer-Sponsored Plans Are a Game-Changer

Here’s where the numbers really add up. 80% of millionaires cite their 401(k) as the #1 driver of their wealth. Why? Because it combines three magic ingredients: automatic saving, tax advantages, and free money from employer matches.

Let me break it down:
If you earn $80,000 per year and contribute 10% of your income with a 3% employer match, over 40 years that could grow to around $1.3 million. Without that match? You’d be closer to $670,000. That’s nearly double the growth just by taking full advantage of your employer’s plan.

How Much Should You Save?

The data tells us that the average millionaire saves about 23% of their income. That might sound steep, but most financial pros recommend at least 15–20%—and that can include your employer match. The average 401(k) contribution rate rose from 8.8% in 2019 to 14.1% in 2024, so people are already on the right track.

Let’s say you earn $100,000 and save 20% annually (including employer match). Over 40 years, that could grow to $6.5 million, thanks to compounding interest.

The Secret Is Time and Consistency

Wealth-building isn’t about overnight success—it’s about consistent progress over decades. 80% of millionaires reach that milestone around age 50, and it takes them an average of 32 years to get there. Like building muscle at the gym, those early “reps” are the hardest—but they set the foundation for big gains later.

Compounding accelerates over time. For example, a portfolio that reaches $4.3 million in year 35 can grow to $6.5 million just five years later, without increasing your contribution. That’s the power of long-term investing.

Final Thoughts: No Gimmicks, Just Good Habits

There are no magic tricks here. You don’t need to win the lottery or invent the next big thing. You just need to save consistently, invest wisely, maximize your benefits, and ideally, build your life with someone on the same path. Wealth-building is a marathon—not a sprint—and every step you take today sets you up for freedom tomorrow.

So what are your goals? Drop them in the comments. Let’s learn from each other and build financial freedom together.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post How to Build a Multimillion-Dollar Retirement Portfolio appeared first on ROI TV.