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

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

So you guys are worth $10M. Sheesh government workers get paid so much more than us idiot private company ones. I have a PhD and we saved and saved and never spent but not pension and had expensive housing and didn’t get your $400HHI standard for two FEDs.

Pls note PP’s “old system,” things are different now and I fear for young people starting out as GS-5 or GS-7 w/o family help.
Simply can’t make that kind of $$$ anymore in govt, it’s not 1990 and these young people will check out after two years and go private sector.

[Anonymous]

We are 50 and 53 so I will post. I was very aggressive. Went down from $5.5 to $3. Did I say aggressive?

[Anonymous]

- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

[Anonymous]

To PP, I would reduce the amount to each kid for seed money. 2Million is just $40K a year.

[Anonymous]

Anonymous wrote:To PP, I would reduce the amount to each kid for seed money. 2Million is just $40K a year.

You don't think they can live on 240K a year?

[Anonymous]

Anonymous wrote:- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

The $200K pension translates to a $3.5 million annuity at 6%. Likely more if you factor in COLA (I assume pension gets COLA).

[Anonymous]

61, single, about 4.5M net worth. About 450K equity in my house. $300K in cash and short-term stuff to deal with sequence of return risks in early retirement. About $600K in my brokerage, and the remainder in various pre-tax retirement accounts.

I’m a very middling biglaw lawyer who managed to hold on my entire career by the skin of my teeth. My ex never really worked and the late-in-life divorce really did a number on my net worth. I’ve been scrambling to make it up the best I can, but I’m ready to retire in a year or two regardless. It might not be the extravagant retirement of some of my colleagues, but I’m going to enjoy it earlier and there’s plenty to have an extremely comfortable life.

A good comp year with a high savings rate and a small inheritance from a parent mean my net worth is roughly comparable to last year at this time, if not a tad more, despite the market downturn.

[Anonymous]

Looks like everyone's net worth is still holding high even with the market losses

[Anonymous]

Anonymous wrote:To PP, I would reduce the amount to each kid for seed money. 2Million is just $40K a year.

the money could grow in the next 25 years

[Anonymous]

house 750k
savings (cash) 300k
retirement 1.4 and 650k (total about 2.05 to 2.1)
other investment accounts - 900k
i bond - 100k
other stuff - 400k

so slightly over 4.5 (plus 2 pensions and obviously 2 SS)

[Anonymous]

Anonymous wrote:- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

Does that mean you get 200k/year from the pension? Is this for life of you and your spouse? How did you get this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

Does that mean you get 200k/year from the pension? Is this for life of you and your spouse? How did you get this?

Not that PP but two g-15 feds could probably get that amount together

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

Does that mean you get 200k/year from the pension? Is this for life of you and your spouse? How did you get this?

Not that PP but two g-15 feds could probably get that amount together

Would probably be closer to 60k each. If the pension is from one person, that is one hell of a pension!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:- Both 57. 1 income.
- House valued at 600K. Equity is 400K equity. We will retire in place.
- Will retire in 5 years. 200K pension. 2 million savings. College done for both kids - we saved money on this.
- 250K to each kid - seed money, car, wedding.
- 200K inheritance from parents at some point.

Does that mean you get 200k/year from the pension? Is this for life of you and your spouse? How did you get this?

Not that PP but two g-15 feds could probably get that amount together

Would probably be closer to 60k each. If the pension is from one person, that is one hell of a pension!

It could be someone on an old pension plan with WB, IFC or IMF . They had insane plans for those who joined prior 1998 or so

[Anonymous]

Interesting on the pension. The poster said only one person working. I think law enforcement that is on the front line (not sure of the terminology but carry weapons) gets a significantly higher pension than regular government employees.

Also, maybe a partner in big 4 accounting, Fortune 5, or the likes??