50 year olds - how much retirement $ do you have saved?

[Anonymous]

DH 80 with 50MM
Me 40 with his 50MM

[Anonymous]

Anonymous wrote:About 650k and I'm 54 years old. Will have my house paid for by the time I retire.

I know I'm poor by DCUM standards but I'll be fine.

You're rich by normal standards.

[Anonymous]

Ages 49/48
$1M tax-deferred
$600k Roth
$750k home equity (paid off townhome)
$175k college (one kid)

SS estimate for both of us $4,500/mo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DW 49
DH 53

2.2 mil in retirement and brokerage accounts, 800k in home equity, 200k emergency savings. We started making money late in our careers, I will be receiving a pension, $6500/month.

Where do you work to get this $6500/month pension ?

Administrator in a local school district, $5500 projected state pension + $1000 city pension.

Have you ... done that pension math correctly?

[Anonymous]

At age 50 I have about $1.1 in 401k and rollover IRA, and another $300k in Roth and traditional IRAs. We have about $1m in home equity and it will be fully paid off in 7 years (around the time DS goes to college).

I think DS has around the same in retirement investments.

We also have a rental property that is paid off worth about $600k.

[Anonymous]

At age 54, in actual retirement accounts, I have $1.48M.

Seven years ago I started a business that has done well and thanks to that, I have another $6.5M in taxable that is earmarked for retirement. So almost $8M in total.

I started investing a bit late (about 30) and didn't start maximizing until I was 35. Most of the companies I worked for didn't match, although a couple did (around 6%).

If I'd stuck with corporate America I'd be looking at a decent retirement, but striking out on my own made a huge difference. Even within the retirement accounts, almost a third is due to late-in-life SEP-IRA maxing.

[Anonymous]

I'm 51 and have $700k in my 401k.

As a couple we have about $350k left to pay on a $2 million house and my spouse has about $1.5 million in a 401k.

We're in the process of finishing up paying college costs for two kids and then we'll be socking away as much $ as possible for the next 10-15 years.

I still had college loans when we got married and we had zero help from our parents so while I'd like to have more saved I feel fine with where we are especially since we'll be inheriting some money at some point.

[Anonymous]

Anonymous wrote:At age 54, in actual retirement accounts, I have $1.48M.

Seven years ago I started a business that has done well and thanks to that, I have another $6.5M in taxable that is earmarked for retirement. So almost $8M in total.

I started investing a bit late (about 30) and didn't start maximizing until I was 35. Most of the companies I worked for didn't match, although a couple did (around 6%).

If I'd stuck with corporate America I'd be looking at a decent retirement, but striking out on my own made a huge difference. Even within the retirement accounts, almost a third is due to late-in-life SEP-IRA maxing.

Congrats on the business. We haven't been so lucky with ours--I wish I stuck with corporate America .

[Anonymous]

Anonymous wrote:

Anonymous wrote:At age 54, in actual retirement accounts, I have $1.48M.

Seven years ago I started a business that has done well and thanks to that, I have another $6.5M in taxable that is earmarked for retirement. So almost $8M in total.

I started investing a bit late (about 30) and didn't start maximizing until I was 35. Most of the companies I worked for didn't match, although a couple did (around 6%).

If I'd stuck with corporate America I'd be looking at a decent retirement, but striking out on my own made a huge difference. Even within the retirement accounts, almost a third is due to late-in-life SEP-IRA maxing.

Congrats on the business. We haven't been so lucky with ours--I wish I stuck with corporate America .

I am actually impressed with $1.48 in actual retirement accounts if you didn't start maxing out til you were 35 and didn't get too much matched. That seems like great returns.

[Anonymous]

50 and 49.

I just crossed $1M in retirement accounts and spouse is at about $800K but took three years off for grad school so has fewer years of work. Neither of us maxed out until after the kids were out of preschool but that was shortly after 2008 so we've benefitted from runup. Spouse will get a federal pension.
Maybe $100K liquid across all accounts for emergencies, whatever.
Down to about $100K left on the mortgage and will be paid off in another 3-4 years, we have about $700K equity now.

Married in our 20s and I bought a condo in the 90s which we leveraged into a townhouse and then a SFH. Timing helped a lot, plus choosing to work through grad school to minimize loans, buying well below what we "could afford" for housing, sticking with the government job (at this point the pension is a pretty valuable benefit).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:49 married. My assets:
1m in retirement funds
600k home equity
80k emergency fund
600k in 529 for my two kids

Dh’s $$$ are very similar

I wanna retire when I’m 62… tick tick tick

What is stopping you from retiring now? This looks like enough for one person in a couple who has kids' college covered and their partner has about the same $$. I guess you could use a bit more in nonretirement funds to bridge the gap until you're 59 and can access retirement funds without penalties, but who do you think you need to work until you're 62?

I need the kids to at least finish college then I will reconsider. I think I don't have enough to bridge the gap until 59.

Different poster. I’m in a similar boat (but age 51 and colleges paid for) and I can’t imagine retiring at this age with these assets. What does that look like?

I hope I never need assisted living but I also don’t want to burden my children. It’s $$$. There’s a good chance I’m going to live to 90 (my parents are in their 80s and healthy). $1 million isn’t enough for me to live on for 40 years. What is that $30k a year + SS in my mid-60s? What am I missing?

[Anonymous]

This is depressing.

Not nearly enough in either 529s or retirement savings.

But we will have a federal pension (me) plus veterans disability (DH).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At age 54, in actual retirement accounts, I have $1.48M.

Seven years ago I started a business that has done well and thanks to that, I have another $6.5M in taxable that is earmarked for retirement. So almost $8M in total.

I started investing a bit late (about 30) and didn't start maximizing until I was 35. Most of the companies I worked for didn't match, although a couple did (around 6%).

If I'd stuck with corporate America I'd be looking at a decent retirement, but striking out on my own made a huge difference. Even within the retirement accounts, almost a third is due to late-in-life SEP-IRA maxing.

Congrats on the business. We haven't been so lucky with ours--I wish I stuck with corporate America .

I am actually impressed with $1.48 in actual retirement accounts if you didn't start maxing out til you were 35 and didn't get too much matched. That seems like great returns.

They said a large part was due to SEP-IRA maxing from the business.

[Anonymous]

Anonymous wrote:

Anonymous wrote:49 married. My assets:
1m in retirement funds
600k home equity
80k emergency fund
600k in 529 for my two kids

Dh’s $$$ are very similar

I wanna retire when I’m 62… tick tick tick

What is stopping you from retiring now? This looks like enough for one person in a couple who has kids' college covered and their partner has about the same $$. I guess you could use a bit more in nonretirement funds to bridge the gap until you're 59 and can access retirement funds without penalties, but who do you think you need to work until you're 62?

Not PP, but healthcare for a family of 2-4 could easily run you $20-30K/year all in until you are eligible for medicare and the kids are on their own.

[Anonymous]

50 with $410k

45 with pension paying $6 a month

52k in 529 for 13 year old

300k home equity with $150k left on mortgage