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

[Anonymous]

52 yo. I have about 400k in a TSP (gov 401k), about 300k in other investments, and about 100k cash in savings account.

My 65 yo hubby has maybe twice that? Not sure.

We also have a house worth about 1m, which has increased in value by about 250k over the last 8 years or so that we have owned it. About 450k left on the mortgage. Small river house on Shenandoah river is paid off -- not even sure how much it is worth, we'd never sell it.

We are both still working, and will for the foreseeable future -- mainly because we like it and can't imagine not having jobs. My husband makes good money. I make very little in a job I do because I enjoy (all of that savings dates from a career I didn't enjoy as much that paid more).

[Anonymous]

Anonymous wrote:

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.

Yes the SEP-IRA has been a fantastic vehicle for quickly increasing retirement funds (this year's limit is $66K).

Sorry to the previous poster who had a tough time with your business - luck and timing played a huge role for me.

[Anonymous]

Anonymous wrote: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.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

Seriously?! Welcome to the USA!

[Anonymous]

I just turned 50. I have $475k in 401k, $125k in regular IRA and $45k in Roth IRA for a total of $645k.

Spouse has a similar amount (he’s 52). We have more than $1m in home equity, $350k in a brokerage account, $50k in savings and $120k in college savings.

[Anonymous]

almost 50. it's a mixed bag. i've got around $550k in retirement accounts. we have about 50% equity in a $2.5mil house, I have around $70k in cash, and about 300k in securities. If I keep at my current job until 62 I'll have a pension of around $5500 a month; if I took social security right away it would be another $2500 a month, and in theory if i keep my current retirement match and do catch-up contributions I'll have about $2mil in my retirement accounts which could provide around $6300 a month though i'm not sure I would need that much? currently our only debt is the house. college for child will be covered by the grandparents, for which i am endlessly grateful. I guess we'll see how things actually go. I know I don't do well without a job, so maybe I won't want to retire in 12 years which is basically when kiddo will be off to college anyway?

[Anonymous]

48:1.2m in retirement accounts; 200k in cd and savings accounts; 1 sfh rental property paid off, 1 condo paid off, 1 sfh mortgaged ($400k remaining of 1m)
45: 2.2m in retirement accounts, 100k in savings, 2 rental properties

We married late and don't have joint accounts.

[Anonymous]

Anonymous wrote:45 has $1.2M in a ROTH IRA

47 has $450K in a ROTH, $435 in a 403B, $25k in a 457b and a pension currently equal to $31k per year

Plus non retirement assets and investments.

Why are you capitalizing Roth IRA?

Roth was a senator. Not an acronym.

[Anonymous]

51 divorced dad.

401k value: $400,000
SEP IRA value: $50,000
DB plan 1: Monthly benefit of $1,800, subject to QDRO but I think my share is about 60%
DB plan 2 (cash balance): About $80,000

My SS benefit projected to be around $4,100/month

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

I am the poster of the above stats. We have a paid off house and a healthy college fund. We have jointly earned from $50k to $300k over our careers. I took time off to raise the kid, DH had a low-paying career and is now retired. I am flabbergasted and ecstatic at where we are financially for retirement. We have an emergency fund with about $120k but that’s for a roof, new HVAC, and a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

It is really odd seeing so many posters like PP above who have nothing saved outside of tax advantaged vehicles.

Not sure why you see it as odd. Am quite a bit older than this poster and have about $6M, around $1M of which is in a Roth. No brokerage, but about another $1M in real estate (not including house).

[Anonymous]

53 with DH 60. HHI $165k, just me because DH recently retired. We live on my income, not drawing from his retirement accounts.

Retirement=$1.9M + $1M equity in our house.

I'll probably work another 10 yrs and then we'll downsize a bit.

Kids are in college and have those costs fully covered in their 529s

[Anonymous]

This is a very depressing thread.

[Anonymous]

Mid 50s couple. One retired with about $100k pension. About $1.3m in combined 493b/457 plans. Another est $1m invested elsewhere. $1m home paid off fully.

[Anonymous]

Anonymous wrote:This is a very depressing thread.

Why???