Late 40s. We have about 3.5X our gross HHI saved. Is that ok?

[Anonymous]

Anonymous wrote:Fidelity has some articles suggesting milestones for what multiples to have saved at different ages. Just rough suggestions but you might want to look them uo

I feel like this must be a troll post. If not, why did OP not just do this?

[Anonymous]

OP, we have similar savings in our late 40s. Obv it is not enough now, but planning to continue to contribute the max contribution including catch ups when we hit 50,will he fine by the time we are in our early 60s and have several million saved. DH is not sure he ever wants to fully retire (he would go stir crazy, he needs something to do) and I think about having a part time job in retirement too like working at a garden shop for awhile.

[Anonymous]

Op use a real retirement calculator. This depends on your projected expenses in retirement, your savings rate, any pensions, projected social security, etc. try the free version of Boldin.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

This is why we are saving $1m per kid. We have 3 kids. If they don’t use it all, it will go to grandkids.

[Anonymous]

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

They will be fine. They are doing better than most.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

If she had 10 million HHI and a 35 million net worth would that be a scenario in which it was enough? Particularly if she has a reasonable annual spend (even 1 million per year would be fine).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

There are millions of scenarios where it is enough at that age.

[Anonymous]

Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??


There is no scenario where 3.5x is enough at that age.

it depends on expenses in retirement and what 3.5 HHI actually is.

If HHI is 300k, then they have 1 050, 000 and work another 20 years, and invest 60k year between their contributions and any match,, and takean average of 7% performance, they will have around 6m in 20 years. they can draw 240k year (in future dollars) plus other sources of income (salary increases, pension or social security), and of course market performance.


If they have 750k saved, they will hit 5 million.

-------------------------
OP, in our late 40s we had about 1.3m saved total ,excluding 529 and home equity. We are mid 50s now and that sum has reached almost 4m. We have maxed every year, and invested in boglehead style portfolio. we could retire anytime, esp as we will also get pensions.

[Anonymous]

Anonymous wrote:

Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??


There is no scenario where 3.5x is enough at that age.

it depends on expenses in retirement and what 3.5 HHI actually is.

If HHI is 300k, then they have 1 050, 000 and work another 20 years, and invest 60k year between their contributions and any match,, and takean average of 7% performance, they will have around 6m in 20 years. they can draw 240k year (in future dollars) plus other sources of income (salary increases, pension or social security), and of course market performance.


If they have 750k saved, they will hit 5 million.

-------------------------
OP, in our late 40s we had about 1.3m saved total ,excluding 529 and home equity. We are mid 50s now and that sum has reached almost 4m. We have maxed every year, and invested in boglehead style portfolio. we could retire anytime, esp as we will also get pensions.

Regarding retiring at any time, I've watched so many of my colleagues retire in their late 60s and early 70s and die like three to five years later. It is depressing as hell. I must say it has completely changed my perspective on how long I should work. There is so much I want to do and I don't really need much money to do a lot of it. All I know is my job keeps me from doing almost anything I actually want to do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

In most scenarios, this is an enough.

[Anonymous]

Late 40's, we have 25x HHI, which is 800k/year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Between our 401ks, brokerage accounts, and cash, we have about 3.5X our current HHI in financial assets. Not including home equity.

On the one hand, I'm proud of what we've been able to accumulate. On the other hand, 3.5X doesn't seem like a huge multiple if we ever want to stop working.

Where are others at in their late 40s??

There is no scenario where 3.5x is enough at that age.

If she had 10 million HHI and a 35 million net worth would that be a scenario in which it was enough? Particularly if she has a reasonable annual spend (even 1 million per year would be fine).

If she was making 10m a year and had a 35m net worth, she wouldn't be here asking strangers if this was enough.

[Anonymous]

Anonymous wrote:Late 40's, we have 25x HHI, which is 800k/year

What the actual F?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Late 40's, we have 25x HHI, which is 800k/year

What the actual F?

It was a troll post.