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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)

Dual-earner HHI of around $320K

After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.

A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.

+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?
Men don’t do well retiring early.

I don't know PP. I wouldn't call that living.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)

Dual-earner HHI of around $320K

After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.

A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.

I don't know PP. I wouldn't call that living.

+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?

[Anonymous]

I'll share to make everyone else feel better

Not quite 50, but:

Me, 300k tsp
Wife, 230k 401k
100k brokerage
100k savings

Gonna work til we die.

[Anonymous]

Anonymous wrote:

Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)

Dual-earner HHI of around $320K

After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.

A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.

Men don’t do well retiring early.

That only happens when you become your work. When your work dies, you die too. Most people are smart enough to avoid that.

[Anonymous]

Anonymous wrote:I'll share to make everyone else feel better

Not quite 50, but:

Me, 300k tsp
Wife, 230k 401k
100k brokerage
100k savings

Gonna work til we die.

What's your story?

[Anonymous]

Anonymous wrote:$5M and it is a nightmare

+1. Neither here nor there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'll share to make everyone else feel better

Not quite 50, but:

Me, 300k tsp
Wife, 230k 401k
100k brokerage
100k savings

Gonna work til we die.

What's your story?

Professional degrees, so later start. Fed and ngo, so no high salaries. 3 kids in private parochial. Hence, dcum poor's.

[Anonymous]

56. $500k.

[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.

Mmm, no. If she withdraws 4% or 26k per year, at the poverty line.

[Anonymous]

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.

We are the opposite. Our current startup company doesn’t even have a 401K plan, and no pensions since we’ve always worked in the private sector. About $5mm combined net worth between cash/stocks/investments and two homes. Late 40s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is a very depressing thread.

Why???

Because these figures are eye popping to average Americans??

-dp

If you are well educated and ambitious you should not compare yourself with the “average” anything. You should compare yourself with people in your social class. Relative to our peers and college friends, I feel behind with $5mm at 49. Kids are young and house is not paid off, so yah, dh and I have underachieved so far given our potential.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is a very depressing thread.

Why???

Because these figures are eye popping to average Americans??

-dp

If you are well educated and ambitious you should not compare yourself with the “average” anything. You should compare yourself with people in your social class. Relative to our peers and college friends, I feel behind with $5mm at 49. Kids are young and house is not paid off, so yah, dh and I have underachieved so far given our potential.

You sound greedy. When is it enough?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is a very depressing thread.

Why???

Because these figures are eye popping to average Americans??

-dp

If you are well educated and ambitious you should not compare yourself with the “average” anything. You should compare yourself with people in your social class. Relative to our peers and college friends, I feel behind with $5mm at 49. Kids are young and house is not paid off, so yah, dh and I have underachieved so far given our potential.

You have but at least you are well aware. At your age I had a places in Nantucket and Montana and my DC home all square. Not quite sure where my portfolio was but it was near 8 figures (I have always been inclined towards real estate). It’s well over now.

Get to it and get to it much harder. You might be able to catch up to your peers if you get lucky.

[Anonymous]

Anonymous wrote:

Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)

Dual-earner HHI of around $320K

After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.

A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.

Men don’t do well retiring early.

Really? Tell my husband that. He didn’t get that memo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)

Dual-earner HHI of around $320K

After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.

A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.

Men don’t do well retiring early.

Really? Tell my husband that. He didn’t get that memo.

How old is he?

I don’t live for “work” and not a “workaholic”. I do love working with people, presenting, business trips, mentoring, meeting all types of interesting people and getting paid for it.

My uncles who were cops and firemen 100 percent of their friend group were cops and firemen. All their co-workers were like family. Retirement was a lonely pill to swallow.

And women, my aunt said it best “marriage is forever but not for lunch”

Men let’s hope you did not save too much so you have an excuse to go to work.

Technically I could retire right now. Just move to a tax free state with lower cost of living. Then what play golf, join the HOA board, go to senior citizens early bird special? Then slowly die?

Enjoy life don’t worry about account balance.