Is it normal around here to have 10 mil in assets by the time you retire?

[Anonymous]

What is the average net worth of people in the DC area?

[Anonymous]

I seriously doubt it.

[Anonymous]

In 2014, the DC Metro area's average net worth is less than a million dollars, so I think it unlikely that most people have $10 million upon retirement.

[Anonymous]

The average net worth at age 60 is $200,000.

[Anonymous]

Who cares? The DC area includes Chevy Chase. It also includes Woodbridge.

Who cares??

[Anonymous]

I'm in Rockville. Including my house, our assets will be like $3.8mil. We plan to retire in our mid/late 50s, maybe at 60.

[Anonymous]

Retired Fed. My magic number was $3 million. I made it and retired before age 60.

[Anonymous]

Anonymous wrote:What is the average net worth of people in the DC area?

I’m sure you aren’t serious, considering the abject poverty of a large portion of DC’s population.

Or are those not the “people” that count to you?

[Anonymous]

The answer will range from zero to hundreds of millions, reflecting the variation in individual circumstances in the area. In other words, some will have more, some less. Are you surprised?

[Anonymous]

Yes..actually easy to do if you are diligent.

[Anonymous]

Anonymous wrote:Who cares? The DC area includes Chevy Chase. It also includes Woodbridge.

Who cares??

We live in Woodbridge and are at 11.2M.

[Anonymous]

Anonymous wrote:Retired Fed. My magic number was $3 million. I made it and retired before age 60.

3M per spouse? So 6M?

[Anonymous]

If you can save $100k a year for 30 years and it generates an 8% return what does that give you? Does that do it? Who’s good with a calculator? For most people to get to $10m requires saving a lot early on and benefiting from compounding. Or inherit a fortune or marry well!

[Anonymous]

Anonymous wrote:If you can save $100k a year for 30 years and it generates an 8% return what does that give you? Does that do it? Who’s good with a calculator? For most people to get to $10m requires saving a lot early on and benefiting from compounding. Or inherit a fortune or marry well!

Who TF can save 100k per year???

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you can save $100k a year for 30 years and it generates an 8% return what does that give you? Does that do it? Who’s good with a calculator? For most people to get to $10m requires saving a lot early on and benefiting from compounding. Or inherit a fortune or marry well!

Who TF can save 100k per year???

Someone who makes $500k a year?