What is your net worth if you are 55 years of age

[Anonymous]

52 divorced woman, HHI $175

TSP $1.4M
House value $580k, owe $300, 15 year loan

I have savings to cover kids college plus $30K emergency fund.

I have a pension, 35% in 9 years.

[Anonymous]

Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

[Anonymous]

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

[Anonymous]

We are 58 and 56. About 3/4 of a million:
We have about $300k in home equity, about $400k in retirement savings and about $3000 in one little pile or another. No retirement on the horizon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

That is eye-opening.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

That is eye-opening.

It sure is. And we're both healthy. But it's also worth noting that it can't get much higher than this either. We hit the deductibles every year, and that's that. And for further context, we draw down about $200k a year to live on, and our federal taxes most years are zero. So $25k is, again, pretty doable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

That is eye-opening.

It sure is. And we're both healthy. But it's also worth noting that it can't get much higher than this either. We hit the deductibles every year, and that's that. And for further context, we draw down about $200k a year to live on, and our federal taxes most years are zero. So $25k is, again, pretty doable.

So you are doing really well with retiring with such a large amount at such an early age.

A quick question for you: what is your tax strategy that you're not paying taxes on $200K income yearly? Is most of your income from ROTH accounts and so it doesn't count as income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

That is eye-opening.

It sure is. And we're both healthy. But it's also worth noting that it can't get much higher than this either. We hit the deductibles every year, and that's that. And for further context, we draw down about $200k a year to live on, and our federal taxes most years are zero. So $25k is, again, pretty doable.

how are you able to draw down 200k per year without having to pay federal taxes?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50s and retired for a half dozen years or so. Net worth as of today: $7.3 million. $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity. Kids have all graduated college already.

What do you do for healthcare and how much does it cost all in?

We were lucky. My former employer let us stay on the company group plan and pay the full premium. It's about $1300 a month. Our total health care costs are about $25k a year for premiums and out of pocket expenses combined. A good portion is deductible because it's more than 7.5 percent of our gross income. It's our single biggest expense but very doable.

That is eye-opening.

It sure is. And we're both healthy. But it's also worth noting that it can't get much higher than this either. We hit the deductibles every year, and that's that. And for further context, we draw down about $200k a year to live on, and our federal taxes most years are zero. So $25k is, again, pretty doable.

how are you able to draw down 200k per year without having to pay federal taxes?

NP, here, and I'm interested in this too. We draw down 100K tax free from municipal bonds. I would love to hear about other options.

[Anonymous]

A lot of old farts here

[Anonymous]

51 and 52 year old. $5.1 million current net worth. Doesn't include $60K/year planned pension.

[Anonymous]

53 and 58: 1.5 million; includes everything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:54, married, two kids, HHI of $220,000 annually.

Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.

That includes -

Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.

I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.

Several people on this thread are mentioning pensions. We have $2 million net worth at ages 49 and 51, and one federal pension in the future of $33,000 per year. In hindsight, I wish I'd not spent so many years in the federal gov (21 years) before switching to the private sector. The pension is great, but if both my DH and I die at 65, for example, we wouldn't be able to pass that money down to our kids. I would have rather than paid more, and been able to invest it myself, so that I could pass it down. If a lump sum were available, I'd take and invest it.

PP here - bad math on my part. Would need $1.3 miilion earning 4% annually to have $50,000 in guaranteed income - so that would be the estimated pension value.

[Anonymous]

Anonymous wrote:A lot of old farts here

Look at the title of the thread, dickwad.