Core Insights - The perception of wealth in retirement often revolves around large figures, but having $1 million or more places individuals in the top 3% of U.S. retirees [1][2] - Financial experts suggest that even $1 million may not be sufficient for retirement, with recommendations of aiming for at least $10 million due to underestimations of retirement costs [3] - A significant portion of U.S. households, 54%, have no retirement savings, highlighting the disparity in retirement preparedness [4] Retirement Savings Data - According to Northwestern Mutual's 2025 Planning & Progress Study, Americans estimate needing $1.26 million for a comfortable retirement, a decrease from $1.46 million in 2024, yet still significantly higher than the median savings of those nearing retirement [5] - In early 2025, 401(k) contribution rates reached a record high of 14.3%, indicating that those with access to retirement plans are saving more, although many still do not participate [6] Age-Based Savings Statistics - Median and mean retirement savings vary significantly by age group, with the following data: - Under 35: Median $18,800; Mean $49,130 - Ages 35–44: Median $45,000; Mean $141,520 - Ages 45–54: Median $115,000; Mean $313,220 - Ages 55–64: Median $185,000; Mean $537,560 - Ages 65–74: Median $200,000; Mean $609,230 - Ages 75 and over: Median $130,000; Mean $462,410 [8]

Core Insights - A Cincinnati mother seeks advice on resolving a long-standing financial issue involving a house purchased for her son and daughter-in-law, which has not been refinanced as initially agreed upon [2][3] - The mother is concerned about the implications of her ex-husband's potential nursing-home care on the property, which is still co-owned with him [3] - Financial advisor Dave Ramsey suggests a legal method to transfer the property without triggering a gift tax, but he criticizes the son's financial management and the original decision to purchase the house [4][5] Group 1 - The mother and her ex-husband bought a house for their son and daughter-in-law due to the couple's poor credit, with an agreement for them to refinance within five years, which did not occur [2] - The current mortgage balance is approximately $30,000, and the mother is considering using retirement funds to pay it off and transfer the deed to her son without incurring gift taxes [3] - Ramsey advises that a quitclaim deed can be used to transfer ownership and suggests filing for the unified estate-tax credit to avoid tax implications, but he emphasizes that this does not address the underlying issues [4][5] Group 2 - Ramsey labels the son as a "complete parasite" and criticizes his failure to manage his life effectively, indicating that the situation is fundamentally flawed [4][5] - The mother remains focused on the goal of transferring the house while minimizing tax burdens, despite Ramsey's warnings about the deeper problems [5]