Any 50yo+ with retirement savings less than $2million?

[Anonymous]

I am going to turn 50 in 3 weeks and have $900k. Was really hoping it would be $1million by then but it is what it is. I only plan to work 10 more years.

[Anonymous]

Anonymous wrote:I’m 48 and have $1.1 million. I doubt it’s going to double in the next 18 months.

Not worried about it though. I’ll also have a pension of $75k a year.

That’s a really good pension! Military?

[Anonymous]

Really, OP? That’s the vast majority of us. I realize my family has more than the vast majority of Americans - in our mid fifties, and retirement savings under $1 million.

What would make you think average people have so much money? Do you think average people are millionaires?

[Anonymous]

I feel poor but have a few million. Such is life.

[Anonymous]

My boyfriend. He will be working until he is 70 to max out his social security.

[Anonymous]

OP here - thanks for the varied replies including some inspiring stories! We are under $2 million, no pension, and while we know we won’t live super large, have felt we can still live a pretty great life - perhaps move to a lower cost area if need be. Some of the posts on the other retirement thread where people with $8million and such are just “contemplating retirement” or still worried about having enough for healthcare caught me by surprise.

I suspect anyone reading this board is probably doing their best…Thanks, all, for the perspective.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m 48 and have $1.1 million. I doubt it’s going to double in the next 18 months.

Not worried about it though. I’ll also have a pension of $75k a year.

That’s a really good pension! Military?

DP
I'm 52 and just retired from teaching. I have two pensions that provide ~$72k a year and I opted for the spousal survival benefit with one of them.

[Anonymous]

Single mom with a 15 year old, no child support. I will be 50 next month. I have about 1.2 m net worth mostly from frugal living (roommates in the past, old car, etc) and saving from a young age. Now I make a decent salary but for most of my working years I didn’t. I plan on retiring with my pension at 53 (will get about 70k yearly plus health benefits) and may also work part time. I plan on leaving the dmv area for somewhere with a lower cost of living.

[Anonymous]

Same boat OP, hitting 1 million at 60 between the two of us and plan to work until 70 to max out social security.

[Anonymous]

Anonymous wrote:

Anonymous wrote:54 and 52. 1.8M between us. However we will be working for the next 12-15 years unless health issues make that difficult or impossible.

ageism has kicked in for my 59 yr old DH. Luckily, we have a combined $2.6 in retirement savings alone.

We are a Fed and a professor. So no concerns about ageism. Most of our colleagues are older by far. But we did have a health scare, so we take nothing for granted.

[Anonymous]

We’re 50 with a little over 2M and a paid off house that’s 1M. We’ll work for 10 more years. College will be paid and done next year so going to accelerate savings

[Anonymous]

Whatever is in your 401k, remember you have a silent partner(s), that will be looking for their cut. So factor that in to your calculations. And my guess is tax rates will only go up in the future.

[Anonymous]

Always odd that people put so much stock in their pensions instead of using relatively conservative stock purchases to fund retirement.

The S&P 500 was at 1,800 10 years ago; it’s around 4,500 now. Bonds have of course done much worse than that over the same time period.

By comparison, Apple is up 10x what it was in 2013, Amazon is up more than 7x, and Microsoft is up 10x. It’s almost irresponsible at this point to invest for retirement with index funds, let alone bonds, when Magnificent Seven companies are performing so well over such a long period and aren’t going anywhere soon.

[Anonymous]

We are 50 and have around 2 million in retirement accounts. We will receive over 200k/year in pensions (we each have one). I plan to retire at 62. Spouse may work longer.

[Anonymous]

Anonymous wrote:Always odd that people put so much stock in their pensions instead of using relatively conservative stock purchases to fund retirement.

The S&P 500 was at 1,800 10 years ago; it’s around 4,500 now. Bonds have of course done much worse than that over the same time period.

By comparison, Apple is up 10x what it was in 2013, Amazon is up more than 7x, and Microsoft is up 10x. It’s almost irresponsible at this point to invest for retirement with index funds, let alone bonds, when Magnificent Seven companies are performing so well over such a long period and aren’t going anywhere soon.

We are federal employees and because of our positions cannot invest in individual stocks. We need to invest in diversified funds.