40 years old - what is your net worth?

[Anonymous]

We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

[Anonymous]

Great job, OP! This is certainly above average and don't let DCUMs make you feel insecure. Keep on keeping on. If one of you is in the private sector, your high earning years are yet to come. Don't let the lifestyle creep derail your savings and you'll be all set.

[Anonymous]

You need to calculate it yourself. Are you expecting your income to increase? Are you set for college costs? How do you want to live after retirement? At the same level of comfort you do now, or lower or higher? In an area with a high, middling or low cost of living? If low, there won't be a lot of services in your area. Do you understand you will have higher medical expenses? Are you aware that nursing homes can be often more than 10K a month, depending on services rendered?

And so on. If you plug in your numbers into a run-of-the-mill calculator, it won't tell you much, because the average American has very little in savings, and no idea how they'll survive in retirement. If you want more than that... you need to be way above the average net worth.

[Anonymous]

Anonymous wrote:We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

Why would it count your pension? Whenever I hear that I think striver.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

Why would it count your pension? Whenever I hear that I think striver.

Op - not sure what that means. I just added that because I don’t know how to calculate my pension into our overall financial picture. That is it.

[Anonymous]

You are just on track. Keep going.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

Why would it count your pension? Whenever I hear that I think striver.

Op - not sure what that means. I just added that because I don’t know how to calculate my pension into our overall financial picture. That is it.

Well, if that’s the case, then you are working with one shitty financial advisor. They should know how to calculate it into your overall picture.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

Why would it count your pension? Whenever I hear that I think striver.

Op - not sure what that means. I just added that because I don’t know how to calculate my pension into our overall financial picture. That is it.

Well, if that’s the case, then you are working with one shitty financial advisor. They should know how to calculate it into your overall picture.

Op - we just got an overview of the financial documents. Meeting with the advisor in a few weeks. I was just wondering if we were on target or not. I feel vastly behind when I read about net worth’s on DCUM.

[Anonymous]

I think it's low. I took several years off and have worked several years part time and my personal assets are close to 700k. That doesn't include home equity or my spouse's share of assets. We probably are close to 3 million all in combined. Spouse is planning on a military reserve and fed pension as well (since OP mentioned it).

[Anonymous]

Anonymous wrote:I think it's low. I took several years off and have worked several years part time and my personal assets are close to 700k. That doesn't include home equity or my spouse's share of assets. We probably are close to 3 million all in combined. Spouse is planning on a military reserve and fed pension as well (since OP mentioned it).

Op - that is amazing.

We have had to pay off close to $250,000 in student loans plus paying 3 daycares. We haven’t been able to max our retirement until the past few years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 40 and have 3 young kids. Working with a financial advisor right now. After doing our paperwork I see we have a net worth of just around $1.1 million. This doesn’t count my pension that is around $72,000 a year (right now - could go up with cost of living increase over the next decade or two).

Does this sound about right for our age? We have been aggressively paying off student loans and are just getting out of daycare payments.

Why would it count your pension? Whenever I hear that I think striver.

Op - not sure what that means. I just added that because I don’t know how to calculate my pension into our overall financial picture. That is it.

Well, if that’s the case, then you are working with one shitty financial advisor. They should know how to calculate it into your overall picture.

Op - we just got an overview of the financial documents. Meeting with the advisor in a few weeks. I was just wondering if we were on target or not. I feel vastly behind when I read about net worth’s on DCUM.

I see. Well, you seem to be doing OK but is the majority of your net worth tied up in your house?

[Anonymous]

The pension is a lifesaver. You don't "need" to have an extreme amount of wealth if you have a pension. Just keep accumulating steadily and you should be comfortable (unless you live for decades with dementia, in which case you're toast).

[Anonymous]

[Anonymous]

Most people don't have pensions at all, you're doing great. Talk to your advisor about what you should do in the future to make it even better.

[Anonymous]

Anonymous wrote:I think it's low. I took several years off and have worked several years part time and my personal assets are close to 700k. That doesn't include home equity or my spouse's share of assets. We probably are close to 3 million all in combined. Spouse is planning on a military reserve and fed pension as well (since OP mentioned it).

Low by DCUM standards. Very high by normal American standards.