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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Late 50s and retired for a half dozen years or so.  Net worth as of today:  $7.3 million.  $4.1 million in retirement accounts, $1.4 million in brokerage/savings accounts, $1.8 million in home equity.  Kids have all graduated college already.[/quote]

What do you do for healthcare and how much does it cost all in?  [/quote]

We were lucky.  My former employer let us stay on the company group plan and pay the full premium.  It's about $1300 a month.  Our total health care costs are about $25k a year for premiums and out of pocket expenses combined.  A good portion is deductible because it's more than 7.5 percent of our gross income.  It's our single biggest expense but very doable.   [/quote]

[b]That is eye-opening.[/b]  :shock: [/quote]

It sure is.  And we're both healthy.  But it's also worth noting that it can't get much higher than this either.  We hit the deductibles every year, and that's that.  And for further context, we draw down about $200k a year to live on, and our federal taxes most years are zero.  So $25k is, again, pretty doable.  [/quote]

That's about what DW and I will pay for healthcare when we retire from teaching. I've never been quite sure how to figure net worth. We are both at the top of the scale so salaries will not increase much (if at all) over the next couple years. If we were at that stage today pensions would provide each of us ~75k/year. I have read varying opinions on this board in the past on whether or not pension should be figured into net worth.

Currently home equity is probably about $400-450k.

Small 403b with current value of $140k.[/quote]

PP, are you saying you will make $150k as a retired couple? That would be excellent. [/quote]

Yes. The state pension will provide just over 50% of our highest 3 (or maybe 5 years’ now?) salary and the local pension an additional ~25%.[/quote]

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