50 year olds - how much retirement $ do you have saved?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ages 49/48
$1M tax-deferred
$600k Roth
$750k home equity (paid off townhome)
$175k college (one kid)

SS estimate for both of us $4,500/mo.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

What does that mean?

Why is it odd? A balance of Roth and Traditional is all you need to manage your tax burden in retirement. There are plenty of strategies for withdrawing penalty free early if you want to retire early.

Maybe penalty free, but you will get hosed by taxes.

Not with a Roth.

The PP had 4 mil in a 401k, so yes, they will get hosed even if they do Roth conversions.

[Anonymous]

Started reading and then got depressed. We have similar saved to the ones on the first page of the thread BUT do not have pensions, which is what I’d lead with if I had one when answering this questions. That is a huge difference and for my parents (one teacher, one state govt attorney) was their main retirement asset so they lived comfortably in retirement and then passed on their home free and clear of mortgage to their children.

[Anonymous]

Mid 50’s, DW is a couple years older
$2.3M in 401K, IRA’s
$1.4M in taxable brokerage
NW is $4.9M
Plan to retire at 60 but will be eligible later this year when I reach 55.
Have a private sector pension & healthcare
Pension at 55 is $60K but $110K at 60
SS at FRA for both of us will be around $80K
Youngest has one year of college left
3 years left on the mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:About 650k and I'm 54 years old. Will have my house paid for by the time I retire.

I know I'm poor by DCUM standards but I'll be fine.

You're rich by normal standards.

PP here. Thanks for the reassurance.

[Anonymous]

51&51

350k in 401k
750k in commercial real estate (PO 2028)
800k in house (PO 2030)
A business I might be able to sell for a few hundred k.

3 529’s with 197k each but they’ll be used, no full ride scholarships on the horizon.

It’s gonna get rough for the coming years on dented cans and manager special meat!

[Anonymous]

OMG PP, stop saving for college and start saving for retirement!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ages 49/48
$1M tax-deferred
$600k Roth
$750k home equity (paid off townhome)
$175k college (one kid)

SS estimate for both of us $4,500/mo.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

What does that mean?

Why is it odd? A balance of Roth and Traditional is all you need to manage your tax burden in retirement. There are plenty of strategies for withdrawing penalty free early if you want to retire early.

Maybe penalty free, but you will get hosed by taxes.

Not with a Roth.

The PP had 4 mil in a 401k, so yes, they will get hosed even if they do Roth conversions.

The one above your comment had 1 m in a 401k. You can do a bunch of conversions over time and it's not that bad. It's probably split between two people also.

[Anonymous]

51 and 43
HHI ~$825k
Net worth $7.8M

$3M -401k/IRA
$2M -Brokerage
$2.2M Equity in a $4M house
$600k Equity in a rental townhouse..

Looking to work for another 10~12 years and then say good bye to corporate life

[Anonymous]

51 & 53
HHI 120k (one earner, used to be two)
In Retirement accounts: about 1.8m, split between tax-deferred and Roth
Outside of retirement accounts: about 300k
College savings: 75k (one kid left, likely to go in-state public)
House: about 800k (200k left on mortgage)

[Anonymous]

Anonymous wrote:OMG PP, stop saving for college and start saving for retirement!

+1.

[Anonymous]

More than I'll ever be able to spend.

[Anonymous]

Anonymous wrote:At age 54, in actual retirement accounts, I have $1.48M.

Seven years ago I started a business that has done well and thanks to that, I have another $6.5M in taxable that is earmarked for retirement. So almost $8M in total.

I started investing a bit late (about 30) and didn't start maximizing until I was 35. Most of the companies I worked for didn't match, although a couple did (around 6%).

If I'd stuck with corporate America I'd be looking at a decent retirement, but striking out on my own made a huge difference. Even within the retirement accounts, almost a third is due to late-in-life SEP-IRA maxing.

Could you share what your business is? Am thinking of my next phase of life and would like to start a business but feel a bit intimidated. Would appreciate you sharing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:0 savings, but we have a paid off home. Withdrew from the 401k with penalty to pay it off. We couldn't stomach the 2.75% 30 year mortgage.

Are you serious? Or is this a joke?

+1

This is very, very stupid

[Anonymous]

Anonymous wrote:48:1.2m in retirement accounts; 200k in cd and savings accounts; 1 sfh rental property paid off, 1 condo paid off, 1 sfh mortgaged ($400k remaining of 1m)
45: 2.2m in retirement accounts, 100k in savings, 2 rental properties

We married late and don't have joint accounts.

No one has joint retirement accounts. If in the event you divorced, the marital share of the retirement accounts, and all the other assets would be split. It doesn’t matter if you were non-retirement accounts are separate accounts.

[Anonymous]

Anonymous wrote:51&51

350k in 401k
750k in commercial real estate (PO 2028)
800k in house (PO 2030)
A business I might be able to sell for a few hundred k.

3 529’s with 197k each but they’ll be used, no full ride scholarships on the horizon.

It’s gonna get rough for the coming years on dented cans and manager special meat!

Did you save in 529s instead of for retirement?