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]I hope the younger folks are reading this thread! There is a lot of wisdom here.[/quote]

I'm reading.

I'm 44 and a single woman.

It surprises me that a couple in their 50s would have a total net worth of 3m with 2m of that in retirement.

I will have 2m in retirement BY MYSELF at their age (to me, for two people, they don't have a lot). If had stayed married, it would have been much, much more than double that. I worked my entire marriage but he made more income wise. I had more in retirement when we met and he had a professional degree and I did not.

I think younger people are smarter about retirement and building assets than people 55 plus. [/quote]

Did you have kids?  Many of the people who are in their 50s have either paid or are paying for their kids' colleges after daycares, schools, all the extra stuff of kids.

Personally I have zero need for the more than 2.5M we have accumulated so far in retirement.  What's the point of saving/investing more than you need?  And if you're surprised by the "low" amounts you read here, you should look at the data! You'll really feel superior then.[/quote]

Yes, I have kids. And I had an unheard of 70k debt from college in 1999 because my parents refused to pay and I took out private loans (because with their income, I could not get much federal aid at all). I paid about 250k in childcare costs for 6 years as well.  I have almost always had two jobs. I will feel comfortable at 3 million in retirement, but I should get to 4 million by age 66 (If I was still married we would have 10 million at retirement...we kept our own retirements in our divorce). My grandmother is 96. My mom has Parkinsons. I am afraid of both outliving my money AND having major healthcare costs. So, yeah, I have all the extra stuff to pay for, plus I had a huge student loan debt I paid off while saving for retirement. I generally think people don't save enough. [/quote]

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