I'm 44, net worth of about 1.3 million

[Anonymous]

Anonymous wrote:

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.

You both have heavy lifts. Will the pension exclude social security? Do you know your SSA PIA? The pension may or may not be the right choice for you.

[Anonymous]

Anonymous wrote:And worried.

I am 48, net worth of $1.3 m excluding probably $200k equity in house, and I plan to retire before 55.

It’s all in your perspective.

[Anonymous]

Me too, OP, and my financial advisor says we are doing fabulously. We live in Arlington, we feel poor compared to our neighbors, but we're not!

[Anonymous]

You should be. The revolution is right around the corner!

[Anonymous]

But seriously, I am a few years older and only have like 30k to my name. Somehow I am not worried. I have wealthy relatives and there are benefits for low income seniors. I will get by in this great country. Or maybe move somewhere cheaper once I retire and live on social security.

[Anonymous]

Anonymous wrote:But seriously, I am a few years older and only have like 30k to my name. Somehow I am not worried. I have wealthy relatives and there are benefits for low income seniors. I will get by in this great country. Or maybe move somewhere cheaper once I retire and live on social security.

Oh yes and I also have a child. I am already telling him he would have to help me out in my old age. Of course I won’t have him go out of his way but I hope he will send me $500 or so monthly once he is established

[Anonymous]

You should be fine if you have a secured job with pension

[Anonymous]

Anonymous wrote:

Anonymous wrote:But seriously, I am a few years older and only have like 30k to my name. Somehow I am not worried. I have wealthy relatives and there are benefits for low income seniors. I will get by in this great country. Or maybe move somewhere cheaper once I retire and live on social security.

Oh yes and I also have a child. I am already telling him he would have to help me out in my old age. Of course I won’t have him go out of his way but I hope he will send me $500 or so monthly once he is established

Expert troll post

[Anonymous]

Anonymous wrote:

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?

That explains the judgmental and nasty attitudes here. Signed, a lawyer.

[Anonymous]

Anonymous wrote: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.

I know the 4 percent rule but the way PP wrote it, I had no clear that ear what she was talking about. Sounded like she was saying you needed $1m for every $40k, not per year. Also the rest of her advice was ridiculous because that amount at that age is very high,

[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 kidding me? Since when is being a millionaire at 43 not enough?
Btw, I’m 50 and my net worth is 21m. I’m worried. Give me some advice too.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I know the 4 percent rule but the way PP wrote it, I had no clear that ear what she was talking about. Sounded like she was saying you needed $1m for every $40k, not per year. Also the rest of her advice was ridiculous because that amount at that age is very high,

The post literally said per year, go back and look.

1.3mil at 44 is ok, not high.

[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 kidding me? Since when is being a millionaire at 43 not enough?
Btw, I’m 50 and my net worth is 21m. I’m worried. Give me some advice too.

A million ain't what it used to be, grandpa. But with 21mil at 50 you're all set. If you're worried, you probably have expense burn rate of an off the rails mumble rapper. You need cull your unnecessary expenses and you'll be fine. All the advice in the previous post will work for you too.

[Anonymous]

Anonymous wrote:And worried.

Are you including real property in which you live? If so, it’s more worrisome then if not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You both have heavy lifts. Will the pension exclude social security? Do you know your SSA PIA? The pension may or may not be the right choice for you.

Feds get both social security and a pension. The amount of social security isn’t affected at all.