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

[Anonymous]

54/58
1.8m in HH retirement assets not including house or 529 plan for last kid, no pensions
Think we're doing great and will be able to happily retire in the DMV because we've been living and saving just fine on 120k/yr with a mortgage etc. Don't really want to leave because we like it here and our eldest is already settled in the area.

[Anonymous]

US. And probably paying for a big fat wedding for our DD too.

[Anonymous]

Hell no. We live in NY, high COL like DC.

[Anonymous]

50 & 48 with 600k in retirement savings and 200k equity in a house.

[Anonymous]

Anonymous wrote:50 & 48 with 600k in retirement savings and 200k equity in a house.

Finally someone like us. 50 and 49 .. 600k in retirement savings and just paid of mortgage and student loans. Next is car loan repayment

[Anonymous]

Everyone in my immediate family who is over 50 has way less than $2M in retirement.

My 90 yo aunt lives off of SS.
My 70s ILs have $200K set aside for health emergencies and live off of SS.
My 70s parents have a nice pension and are still able to save some. But nowhere near $2M.

For most of the country, retirement consists of SS. For those that are lucky, they have a pension or some extra money saved.

[Anonymous]

Anonymous wrote:

Anonymous wrote:50 & 48 with 600k in retirement savings and 200k equity in a house.

Finally someone like us. 50 and 49 .. 600k in retirement savings and just paid of mortgage and student loans. Next is car loan repayment

Assuming you had a low interest mortgage, it would have made more sense investing the money you used to pay off the mortgage especially considering the tax benefits of having a mortgage.

[Anonymous]

53 single parent and $2M in combination of retirement and brokerage. House is paid off worth maybe $850K. Only $60K saved for college for 13 yo. Will be working a loooooong time (I hope).

[Anonymous]

My wife works at a financial profit and I work at the SEC with a 470K in combined income. Our 3M home in Langley is already paid off. We have about 10M in savings because I purchased Apple stock in 2001. We’re very lucky. I am 56 and DW is 38. I am going to retire soon.

[Anonymous]

Anonymous wrote:My wife works at a financial profit and I work at the SEC with a 470K in combined income. Our 3M home in Langley is already paid off. We have about 10M in savings because I purchased Apple stock in 2001. We’re very lucky. I am 56 and DW is 38. I am going to retire soon.

Love this story! A close friend’s colleague bought Apple stock in the late 90s because her kid liked the Apple symbol! Instead of buying a new iPhone in 2015ish I invested that amount in stock and it’s up over 500%. Other than that I have a pension coming plus $350k in a 401k and $50k in multiple brokerage accounts. I 50 now, no kids, and want enough to be comfortable at retirement but know too many people who, sadly, passed at or before retirement to deprive myself today.

[Anonymous]

Anonymous wrote:At least HALF of 60 yr olds have about $400K or less.

https://www.synchronybank.com/blog/median-retirement-savings-by-age/

Reality check.

Let's hope they don't develop dementia or other end-of-life diseases that require round-the-clock care or a nursing home. Reality Check. It's in my family. I'm saving like a demon so my kids aren't saddled with my care, emotionally or financially.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At least HALF of 60 yr olds have about $400K or less.

https://www.synchronybank.com/blog/median-retirement-savings-by-age/

Reality check.

Let's hope they don't develop dementia or other end-of-life diseases that require round-the-clock care or a nursing home. Reality Check. It's in my family. I'm saving like a demon so my kids aren't saddled with my care, emotionally or financially.

Long term care insurance takes care of that concern.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At least HALF of 60 yr olds have about $400K or less.

https://www.synchronybank.com/blog/median-retirement-savings-by-age/

Reality check.

Let's hope they don't develop dementia or other end-of-life diseases that require round-the-clock care or a nursing home. Reality Check. It's in my family. I'm saving like a demon so my kids aren't saddled with my care, emotionally or financially.

Long term care insurance takes care of that concern.

DP: The long term care insurance industry is in serious peril.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At least HALF of 60 yr olds have about $400K or less.

https://www.synchronybank.com/blog/median-retirement-savings-by-age/

Reality check.

Let's hope they don't develop dementia or other end-of-life diseases that require round-the-clock care or a nursing home. Reality Check. It's in my family. I'm saving like a demon so my kids aren't saddled with my care, emotionally or financially.

For most people, there's no way they can save enough to cover every possibility.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:50 & 48 with 600k in retirement savings and 200k equity in a house.

Finally someone like us. 50 and 49 .. 600k in retirement savings and just paid of mortgage and student loans. Next is car loan repayment

Assuming you had a low interest mortgage, it would have made more sense investing the money you used to pay off the mortgage especially considering the tax benefits of having a mortgage.

DP. If they have 200K in equity in a paid off house at their ages, they probably didn't have that much to pay off when they did.

Beyond which, with that amount of equity, the mortgage never was that high. I would also guess they are probably not in a position to itemize, their property taxes not that high, so there really is no tax incentive to keep mortgage interest. I'm sure they just take the standard deduction.

Could they have done something with, say, 50K? Sure. But not everyone is comfortable in equities, and most people know even less about bonds.