What is your net worth if you are 55 years of age

[Anonymous]

Anonymous wrote:Rather ironic that the years you need to put maximum dedication into your careers are the same years you want to bear and raise a family.

So true

[Anonymous]

Anonymous wrote:Rather ironic that the years you need to put maximum dedication into your careers are the same years you want to bear and raise a family.

Not really. Kids are not China dolls, they don’t need you nesting at home while they are in school.

Just don’t spend your 20’s-30’s on fancy cars, nice dinners and expensive homes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We retired in our 40s. Since we still had youngish kids, I (the mom), seemlessly blended in with the SAHMs. No one bats an eye. I fill my time with tons of volunteering (even virtually and locally in my community), doing things for my kids and hobbies for myself. I read. I take courses.

A small part of me misses work but that part is very small.

I'm with you, sister. I don't miss work one iota.

In my 30s following this thread -- this is my plan, or at least would like this option, for 40s! What was your net worth when you pulled the trigger?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We retired in our 40s. Since we still had youngish kids, I (the mom), seemlessly blended in with the SAHMs. No one bats an eye. I fill my time with tons of volunteering (even virtually and locally in my community), doing things for my kids and hobbies for myself. I read. I take courses.

A small part of me misses work but that part is very small.

I'm with you, sister. I don't miss work one iota.

In my 30s following this thread -- this is my plan, or at least would like this option, for 40s! What was your net worth when you pulled the trigger?

Have you read all the info out there on FIRE--financial independence, retire early. A lot of interesting information on how to do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50's, $8.5m total, including about $2m in home equity (2 houses). Aim is to get to $10m before retirement, which if the market keeps up will be within 4-5 years between additional savings, paying off the last bit of mortgage, and market growth. DH will also get a moderate pension from the Fed Govt.

I'm the earlier poster in my late 50s who retired a half dozen years ago and now has a net worth of $7.3 million -- not quite what you have but in the ballpark. Interesting enough, we also have two houses with close to $2 million in equity between them and have elected to keep the mortgage on one. Out of curiosity, why are you waiting? Why do you feel the need to "get to $10m before retirement," especially if you're thinking it'll take another 4-5 years? By then you'll be in your 60s and will have wasted another 4-5 years when you have to have plenty of money already. Time is more precious than anything else at this point. What expenses do you have not including your mortgage makes you conclude that you need $10 million? We are leaving like kings and queens on less than what you already have . . .

Not the poster you’re responding to but here’s my answer: there is a lot of satisfaction in work and while I don’t want to continue working deep into my 60s, I do worry that I’d get bored/restless if I stopped in my 50s. It’s a delicate balancing— who knows if I’ll get it right.

That's fine, but the $10 million couple isn't saying that they keep working because there's a lot of satisfaction in it. They're saying they want the $10 mil.

By the way, my retiring in my early 50s was the best decision I ever made. I haven't worked in 6 years and haven't be bored for a second. If you think you need to work to keep busy and satisfied you're wrong . . .

Sorry “retired early” guy but you sound like an insufferable douche. No one is attacking your choice to retire early and the fact that you were lucky enough to do so. You do you. But it’s incredibly dickish to be criticizing others for feeling like their work is important to them and they get satisfaction from it independent of making more money. In fact, you seem kind of triggered by this thread. Perhaps you’re in attack mode because you’re not quite as content with retired life as you claim. Just say’n.

[Anonymous]

52 years old.
Started working again after SAHM 9 years ago where I had $0.
After divorce settlement, real estate is worth about 1M (I really had to fight for this).
Pension/401 122K.
529s for 2 kids 83K.
Cash 21K.

No mortgage, no debt.
I let him keep all the jewelry and art.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Rather ironic that the years you need to put maximum dedication into your careers are the same years you want to bear and raise a family.

Not really. Kids are not China dolls, they don’t need you nesting at home while they are in school.

Just don’t spend your 20’s-30’s on fancy cars, nice dinners and expensive homes.

Big law (drop out) here. My 20s were spent in college, law school and clerkship. At 30, landed in big law with big salary and bigger expectations. By 35, discovered I loved litigation and trial work and was service partner for a couple major clients. At 40, had a couple high demand clients of my own and had made equity partner. By 42, walked away to make and keep family a priority. No pity, no sorrow, no apologies. Just my point that it’s a lot going on at the same time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We retired in our 40s. Since we still had youngish kids, I (the mom), seemlessly blended in with the SAHMs. No one bats an eye. I fill my time with tons of volunteering (even virtually and locally in my community), doing things for my kids and hobbies for myself. I read. I take courses.

A small part of me misses work but that part is very small.

I'm with you, sister. I don't miss work one iota.

In my 30s following this thread -- this is my plan, or at least would like this option, for 40s! What was your net worth when you pulled the trigger?

I can't remember exactly, but I'm gonna say about $4 million. Maybe a little bit more. I was 52. Kids were already out of college and fully launched, and I had continued access to my employer's group health insurance plan (provided I pay the full premium, obviously), so I felt pretty good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We retired in our 40s. Since we still had youngish kids, I (the mom), seemlessly blended in with the SAHMs. No one bats an eye. I fill my time with tons of volunteering (even virtually and locally in my community), doing things for my kids and hobbies for myself. I read. I take courses.

A small part of me misses work but that part is very small.

I'm with you, sister. I don't miss work one iota.

In my 30s following this thread -- this is my plan, or at least would like this option, for 40s! What was your net worth when you pulled the trigger?

I can't remember exactly, but I'm gonna say about $4 million. Maybe a little bit more. I was 52. Kids were already out of college and fully launched, and I had continued access to my employer's group health insurance plan (provided I pay the full premium, obviously), so I felt pretty good.

I’m the italicized poster. We had about $8,000,000 when one of us retired. We had $20,000,000 when the other one retired (due to a large inheritance). Health insurance is brutal (almost $6,000 a month) for a PPO for the four of us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Late 50's, $8.5m total, including about $2m in home equity (2 houses). Aim is to get to $10m before retirement, which if the market keeps up will be within 4-5 years between additional savings, paying off the last bit of mortgage, and market growth. DH will also get a moderate pension from the Fed Govt.

I'm the earlier poster in my late 50s who retired a half dozen years ago and now has a net worth of $7.3 million -- not quite what you have but in the ballpark. Interesting enough, we also have two houses with close to $2 million in equity between them and have elected to keep the mortgage on one. Out of curiosity, why are you waiting? Why do you feel the need to "get to $10m before retirement," especially if you're thinking it'll take another 4-5 years? By then you'll be in your 60s and will have wasted another 4-5 years when you have to have plenty of money already. Time is more precious than anything else at this point. What expenses do you have not including your mortgage makes you conclude that you need $10 million? We are leaving like kings and queens on less than what you already have . . .

Not the poster you’re responding to but here’s my answer: there is a lot of satisfaction in work and while I don’t want to continue working deep into my 60s, I do worry that I’d get bored/restless if I stopped in my 50s. It’s a delicate balancing— who knows if I’ll get it right.

That's fine, but the $10 million couple isn't saying that they keep working because there's a lot of satisfaction in it. They're saying they want the $10 mil.

By the way, my retiring in my early 50s was the best decision I ever made. I haven't worked in 6 years and haven't be bored for a second. If you think you need to work to keep busy and satisfied you're wrong . . .

Sorry “retired early” guy but you sound like an insufferable douche. No one is attacking your choice to retire early and the fact that you were lucky enough to do so. You do you. But it’s incredibly dickish to be criticizing others for feeling like their work is important to them and they get satisfaction from it independent of making more money. In fact, you seem kind of triggered by this thread. Perhaps you’re in attack mode because you’re not quite as content with retired life as you claim. Just say’n.

And you come off as bitter and in attack mode because you probably can't accomplish what I did. So we're even. Also, if you knew how to read, you'd see that I didn't criticize the poster who said work is important to him/her. Not at all. I said "that's fine" for him, but that my question was directed at the poster who gave no indication that work was important to them -- just that the $10 mil goal was. I simply asked why they thought the number needed to be so high.

So one of us has a chip on his shoulder, and it ain't me.

[Anonymous]

66, retired at 58 after saving strongly fir 35 years etc. no regrets whatsoever at retiring early.

Had planned to go at 62 with $2.5 mill+, nexpected inheritance at 58 meant the numbers all worked out right then. I wasn’t thrilled with my work situation (managing attorney in a federal agency) so retired then.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We retired in our 40s. Since we still had youngish kids, I (the mom), seemlessly blended in with the SAHMs. No one bats an eye. I fill my time with tons of volunteering (even virtually and locally in my community), doing things for my kids and hobbies for myself. I read. I take courses.

A small part of me misses work but that part is very small.

I'm with you, sister. I don't miss work one iota.

In my 30s following this thread -- this is my plan, or at least would like this option, for 40s! What was your net worth when you pulled the trigger?

I can't remember exactly, but I'm gonna say about $4 million. Maybe a little bit more. I was 52. Kids were already out of college and fully launched, and I had continued access to my employer's group health insurance plan (provided I pay the full premium, obviously), so I felt pretty good.

I’m the italicized poster. We had about $8,000,000 when one of us retired. We had $20,000,000 when the other one retired (due to a large inheritance). Health insurance is brutal (almost $6,000 a month) for a PPO for the four of us.

I'm the one who retired at 52. $6000 for a PPO is a lot. We're paying $1300 for the two of us. But you can afford it!

[Anonymous]

NP. My sister thought she would work into her 60s - she did and passed at 67. Many such cases among family and friends. Also I see a lot of my patients deteriorate in health (some of you will recognize my posts) in their 60s. It's sudden. No dog in this fight. But think twice before making any decision and don't count on continued good health even if you are hale and hearty in your 40s or 50s.

[Anonymous]

So it seems $3M in 50s on the low end and barring the billions guys with the gold and the bitcoins, about $25M on the high end. Typically $10M. Well us 30-40 year olds have $8M average now so we will definitely be at the high end - $25M in our 50-60s.

[Anonymous]

Anonymous wrote:NP. My sister thought she would work into her 60s - she did and passed at 67. Many such cases among family and friends. Also I see a lot of my patients deteriorate in health (some of you will recognize my posts) in their 60s. It's sudden. No dog in this fight. But think twice before making any decision and don't count on continued good health even if you are hale and hearty in your 40s or 50s.

Your point being what? Don't work any longer than you have to?