I'm 44, net worth of about 1.3 million

[Anonymous]

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

what do u mean that for every $40,000 that you need $1,000,000?

Google the 4% rule, which refers to how much you can safely withdraw over 30 years. If you plan to write young, you’ll probably need more.

If you need $80,000 a year to live, then you need to save $2M. If you need $160,000, you need to save $4M. If you have other sources of income or plan to work PT in retirement or get an inheritance or social security or a pension, then maybe you won’t need as much as others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

what do u mean that for every $40,000 that you need $1,000,000?

Google the 4% rule, which refers to how much you can safely withdraw over 30 years. If you plan to write young, you’ll probably need more.

If you need $80,000 a year to live, then you need to save $2M. If you need $160,000, you need to save $4M. If you have other sources of income or plan to work PT in retirement or get an inheritance or social security or a pension, then maybe you won’t need as much as others.

Retire—not write!

[Anonymous]

I had less than that at 43, then was made an equity partner in my law firm, earned around $7 million over the next decade, didn't overspend and invested in mutual funds, ended up walking away a decade later, haven't worked for the last 8 years, and am now worth around $7 million still.

Just make partner and you're good.

[Anonymous]

Anonymous wrote:I had less than that at 43, then was made an equity partner in my law firm, earned around $7 million over the next decade, didn't overspend and invested in mutual funds, ended up walking away a decade later, haven't worked for the last 8 years, and am now worth around $7 million still.

Just make partner and you're good.

Oh dear. is this board all lawyers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

This is the DCUM standard response.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

What posted above makes you question if I'm serious or not? It's all fairly basic and straightforward advice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

What posted above makes you question if I'm serious or not? It's all fairly basic and straightforward advice.

The "you've got work to do." It seems a bit out of touch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

What posted above makes you question if I'm serious or not? It's all fairly basic and straightforward advice.

The "you've got work to do." It seems a bit out of touch.

Ok, if you think so. They should just go with your helpful advice then.

[Anonymous]

The DCUM money forum is a weird place where you have some people who don’t know basic financial planning, like the 4% rule, posting alongside others who think $1.3 million at age 44 (which puts one in the top 10%) is a worryingly small amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

What posted above makes you question if I'm serious or not? It's all fairly basic and straightforward advice.

The "you've got work to do." It seems a bit out of touch.

Ok, if you think so. They should just go with your helpful advice then.

Do you know that most people have barely three months' worth of savings?

[Anonymous]

Shut up. You have nothing to worry about. My God.

[Anonymous]

Anonymous wrote:I’m 46 and have $127k. I’m worried too.

Similar, Im 47 and have $180K in my 401k. I wasted my 20s working on campaigns with no benefits, then switched to nonprofits that didnt pay well. I took a federal job about 5 years ago (gs-14); my plan is to just go for the pension.

[Anonymous]

Are you single or married couple with kids with 1.3M? For context we are married two kids with Networth of 3M (includes home equity and 539). We are 43 and 47 and not worried

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And worried.

You've got work to do. Good news is, you've got some time, so there's that.

Increase 401k to max.
Opt for HSA if available and max HSA contributions.
Max Roth contribution.
If you have IRA or rollover, consider backdoor Roth since market currently down.

Stop eating out.
Cut cable, should be internet only, shop for best deal.
Cut streaming services.
Shop and compare Auto and Homeowners insurance(particularly if it's been more than 5 years w/ current provider).
Shop and compare cell phone plans(Mint Mobile typically cheapest)
Do most of your shopping at Aldi/Costco/Trader Joes
Gasbuddy for best gas prices.

For every $40k/yr you you'll need in retirement, you need $1mil saved/invested. You have a decent start and time is on your side so if you're smart and disciplined about this, you should be fine in 25 years.

Are you serious about this?

What posted above makes you question if I'm serious or not? It's all fairly basic and straightforward advice.

The "you've got work to do." It seems a bit out of touch.

Ok, if you think so. They should just go with your helpful advice then.

Do you know that most people have barely three months' worth of savings?

A lot of what I wrote would be useful for them as well. Do you have anything helpful to add?

Here is another one: Don't buy cars "new" buy one that is 3 to 5 years old w/ 30-60k on the odometer. Do not finance this purchase for longer than 4 years. If you find a car that fits this criteria and the monthly payment is too much for you to afford over a 4 year note, that means you can't afford that car and need to adjust your standards.