Middle class professionals: tell me about your finances

[Anonymous]

38 and 40, dual feds making $220k, two kids in elementary school. We both max our TSP, but I have only worked as a fed the last 6 years. We have about $720k in TSP (mostly DH), $100k in other investments, $125k in two 529s, and about $300k in home equity.

[Anonymous]

Anonymous wrote:38 and 40, dual feds making $220k, two kids in elementary school. We both max our TSP, but I have only worked as a fed the last 6 years. We have about $720k in TSP (mostly DH), $100k in other investments, $125k in two 529s, and about $300k in home equity.

Wow that’s amazing

[Anonymous]

42 yrs old, $75K HHI, $20K in retirement, so I think I'll probably work until my dying day.

[Anonymous]

30, federal contractor. Recent raise to 95k HHI. I recently purchased a townhouse that doesn’t yet have much equity, probably about 20k, but looking forward to seeing that grow. I don’t have much in retirement, only about 10k (I know), but hoping to max out contributions this coming year once I can afford to after making some progress on car, student loans and a little credit card debt.

[Anonymous]

39 and 41. HHI 230k. Military officer and nonprofit executive. $850k in retirement (no match), $120k in saving, $110k in other investments, $180k in 529s, and $550k in equity.

[Anonymous]

All you people seem RICH to me. Not middle class. I think of myself as middle class. I earn $80k. I have $6k in a savings account. Don't own a home or car, and have zero debt.

But compared to you all, I'm a freaking pauper who will die on the streets.

[Anonymous]

Anonymous wrote:All you people seem RICH to me. Not middle class. I think of myself as middle class. I earn $80k. I have $6k in a savings account. Don't own a home or car, and have zero debt.

But compared to you all, I'm a freaking pauper who will die on the streets.

I posted above (federal contractors). I bought my house when I was making about what you do. I put down less than 10k through a first-time homebuyer program (with a conventional loan - I was really lucky). I still barely have much in savings and a trivial amount in retirement. Paying off a lot of loans and some debt. I feel barely above water some days even though I make a lot. You can’t take this board seriously - the people who post are a self-selecting group because who wants to post their stats and be judged?

[Anonymous]

Both 27, HHI $140k. About $150k in retirement accounts. $50k in investments, and $60k in liquid assets. We have $140k equity in our townhouse. Things are fine right now but I am worried for when we have a kid.

[Anonymous]

Anonymous wrote:Both 27, HHI $140k. About $150k in retirement accounts. $50k in investments, and $60k in liquid assets. We have $140k equity in our townhouse. Things are fine right now but I am worried for when we have a kid.

Are you serious? This is the kind of stuff that makes this board feel ridiculous. You have 60k in savings at age 27. Most people I know have nowhere near that with or without kids.

[Anonymous]

OP, I agree that you are doing pretty well.

I am 5and DH 62, with a 20yo in college and a teen approaching college.

I am a lawyer, DH a teacher, and when we were your age, our HHI was about $170,000. We were putting away three hundred each month for college for each of our children. We both max out retirement contributions and both get matches (me up to 7%). DH will have a pension.

I have worked part time for a decade or so, for health reasons.

HHI is now about $220,000. We have continued to save at the same pace as we had before, including a total of $1,000 per month into college savings. Right now we have $1,980,000 in our retirement accounts, plus $340,000 in total college savings - enough to pay for tuition for both our children for four years provided they get some merit money. Certainly enough for in state.

I think we are in pretty good shape - and you are too. So rest easy and keep it up!

[Anonymous]

^^^. I am 55. I know that we are not middle class by any measure other than the DCUM one.

[Anonymous]

42yo Single mom. I make $135k and get another $6500 plus half daycare costs in child support. Have 1 in full time daycare, and one in aftercare.

I have $500k in retirement savings, about $60k in liquid assets, and $250k equity in my house. I started a Roth at my parents urging as soon as I had income, and started a federal job at 25. I’ve never maxed, but have at least had a long track record with a 5% match. I am working on upping my contributions to get to max (just went to 11% and need to get to about 13%). Barring any changes to federal pensions, I also expect to have ~40% of my income in retirement.

I feel good about all of the above but feel very behind on college savings. My 6yo has just under $17k and my 3yo under $8k. I’m only putting in $100 a month each for them. Their Dad also has accounts for them, but his balances are even less than mine and he puts in $100 a month between them. Hoping that once the younger one starts school I can start putting a bigger chunk in each month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are 37/35 and our HHI is close to 400k. We both have student loans, her more so than me, which sucks because I generate more than 3/4 of our income. We have about $250k in home equity, $350k combined in 401k assets, $85k in cash, and about another $100k in other investments. I also have some other liquid collectible stuff, like a vintage Porsche I could sell for probably $125-150k.

I agree with the PP that student loans are a gigantic difference. The other difference is my employer (a law firm) has never matched my 401k contributions, which has limited the growth of those accounts. Also, housing here is expensive, and we paid premium to have a decent sized house within close driving distance of downtown.

Thanks for your input but if you are a 400k HHI please don’t respond as “middle class”

What is the middle class cut off?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 37/35 and our HHI is close to 400k. We both have student loans, her more so than me, which sucks because I generate more than 3/4 of our income. We have about $250k in home equity, $350k combined in 401k assets, $85k in cash, and about another $100k in other investments. I also have some other liquid collectible stuff, like a vintage Porsche I could sell for probably $125-150k.

I agree with the PP that student loans are a gigantic difference. The other difference is my employer (a law firm) has never matched my 401k contributions, which has limited the growth of those accounts. Also, housing here is expensive, and we paid premium to have a decent sized house within close driving distance of downtown.

Thanks for your input but if you are a 400k HHI please don’t respond as “middle class”

What is the middle class cut off?

Not OP, but I would think this thread is targeted towards HHIs around 200K at the high end...definitely not 400K.

[Anonymous]

We are 42 and 43, HHI $340K with about that much in retirement. Kids in public school so childcare costs are fairly low compared to a few years ago.