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

[Anonymous]

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.

The federal pension, $2M, can you pass that down to your kids when both spouses pass?

[Anonymous]

Anonymous wrote:

Anonymous wrote:51; 3 mil in 401k, 150 liquid, 700k equity in home; in 6 yrs will retire with 30% fed pension

How is your 401K invested to hit that level? I'm super curious. Very impressive!

Feds have 401K? I am the wrong line of work.

[Anonymous]

You cannot pass your federal pension to your children upon your death unless you pay for a survivor benefit and they are less than 22 years old. THen it's 50%. Same with surviving spouses. Usually the pension dies with you.

And feds have a 401k like product called the TSP. It is the third leg of the stool of our retirement including pension and Social security.

[Anonymous]

Anonymous wrote:[twitter]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not in my 50’s yet but ~$80mm net worth with 7 figure daily fluctuations.

The only question I have for you my friend is do you tithe?

not everyone is a religious nut who believes in some imaginary superior being...made up by some group to control the naived masses.

What a tightwad idiot. It doesn’t have to be a Christian or religious charity. You don’t have to use that term. It doesn’t have to be 10%. You can do 15-20%. But you wrecked looking to get hung up on words as a way out of charity. Bad Karma for you!

tithe
/tīT͟H/
noun
one tenth of annual produce or earnings, formerly taken as a tax for the support of the Church and clergy.
verb
pay or give as a tithe.
"he tithes 10 percent of his income to the church"

Unclench.
Replace the word tithe with donate.
Will you or anyone do it now?
$100 a year ? $1000? Even if you are HHI is over $200K?

I DONATE. About 10% of AGI. Never given to anything religious.

[Anonymous]

Anonymous wrote:Maybe the 35 year old gunners all die from stress.

Amen. They will bun out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:[twitter]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not in my 50’s yet but ~$80mm net worth with 7 figure daily fluctuations.

The only question I have for you my friend is do you tithe?

not everyone is a religious nut who believes in some imaginary superior being...made up by some group to control the naived masses.

What a tightwad idiot. It doesn’t have to be a Christian or religious charity. You don’t have to use that term. It doesn’t have to be 10%. You can do 15-20%. But you wrecked looking to get hung up on words as a way out of charity. Bad Karma for you!

tithe
/tīT͟H/
noun
one tenth of annual produce or earnings, formerly taken as a tax for the support of the Church and clergy.
verb
pay or give as a tithe.
"he tithes 10 percent of his income to the church"

Unclench.
Replace the word tithe with donate.
Will you or anyone do it now?
$100 a year ? $1000? Even if you are HHI is over $200K?

I DONATE. About 10% of AGI. Never given to anything religious.

Same - and the word “tithe” we offputting to me, as well.

[Anonymous]

I'm 51, DH is 58 (so our average age is 55 )

About $3m

2m in retirement accounts
300k in 529 and other taxable investment accounts (have a HS senior and sophomore, senior going to VT)
About $700k equity in our house

[Anonymous]

Some of the numbers on this thread are incredibly high. Congratulations to the folks who have $1million plus in their retirement accounts by age 55.

[Anonymous]

Anonymous wrote:Some of the numbers on this thread are incredibly high. Congratulations to the folks who have $1million plus in their retirement accounts by age 55.

For two (a married couple)?

Is $500K for a single 55 yr the same?

[Anonymous]

Anonymous wrote:Some of the numbers on this thread are incredibly high. Congratulations to the folks who have $1million plus in their retirement accounts by age 55.

Not really. Look at the 35-45 threads here. HHI is average $300k and often $600k. By the time they are 55, they will have surpassed $2-3M that folks here have.

[Anonymous]

54yo couple. 1.5m in IRAs, 1m in home equity, 10m in commercial real estate.

[Anonymous]

59 yo and spouse is 65 yo. Both feds. Spouse retired under the old system and took a survivor annuity, so nice pension. In addition one in college one in HS, and college fully funded. TSPs have a combined $3M+ as we both always maxed out as well as catch up. Invest accounts outside of retirement is another $3M plus a house fully paid off - in this sellers market could easily get $1M. Yes, I know this is good BUT we didn't spend (low cost/no vacations, ran our cars into the ground, no cable, etc) So now we are having a hard time trying to figure out how to spend. First world problems I know, but is causing a lot of stress.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:[twitter]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not in my 50’s yet but ~$80mm net worth with 7 figure daily fluctuations.

The only question I have for you my friend is do you tithe?

not everyone is a religious nut who believes in some imaginary superior being...made up by some group to control the naived masses.

What a tightwad idiot. It doesn’t have to be a Christian or religious charity. You don’t have to use that term. It doesn’t have to be 10%. You can do 15-20%. But you wrecked looking to get hung up on words as a way out of charity. Bad Karma for you!

tithe
/tīT͟H/
noun
one tenth of annual produce or earnings, formerly taken as a tax for the support of the Church and clergy.
verb
pay or give as a tithe.
"he tithes 10 percent of his income to the church"

Unclench.
Replace the word tithe with donate.
Will you or anyone do it now?
$100 a year ? $1000? Even if you are HHI is over $200K?

I DONATE. About 10% of AGI. Never given to anything religious.

Same - and the word “tithe” we offputting to me, as well.

Not to pile on, but I have to agree. Tithe is specific to the church and I would have answered no. However we give about 12% annually to various charities.

[Anonymous]

55. Fed "lifer" with terminal professional degree.

$3-5M, I think--
$1.4M equity in house + investment account,
$1-2M in thrift savings (yes, I know I should know more precisely...but I don't).
Plus generous pension/health insurance subsidy upon retirement--maybe another $1-2M in net present value?

Max contributions to TSP over whole career, no debt, live well below my means.

[Anonymous]

Had no idea you could get so rich working for the feds. Pretty incredible.