Anonymous wrote:Surviving parent is 84, and last time we talked about it, it was somewhere between $3 and $4 million. She barely spends anything-her costs are pretty much covered by social security and a tiny pension she still gets from my Dad’s former employer. So her RMDs just get put back into savings or investments (or given as gifts to kids/grandkids).

I help some elderly widowed relatives. Similar situation. People at that age dont' really spend much. We had to have a sit-down with her and her financial advisor so a third party (advisor) could tell her it's OK to spend money. She was trying to penny pinch when she has millions saved up. For example, it's OK to buy a new and safer car and get rid of your 15 year old car.

Also a tip on RMDs -- tax benefit if donated directly to charity.

Maybe about $450k.

A typical non privileged middle class family that had to actually work for a living and who got no mommy and daddy help.

About to retire. 2.5 mil invested. 800k home. Not counting ss. Kids done with college. Allocated 200k per kid for wedding. Pension of 200k.

Anonymous wrote:They retired at 65 with 2mil. Now 89 with 1mil left.

What are the expenses during that 25 years?

My parents lived a flashy UMC life and now have much less than I expected for retirement. Like $800k home equity and $500k retirement plus social security. They are both still working because they have to. Makes my siblings and I much more serious about saving than we may otherwise be.

Parents are 74 and 82 and I believe their NW is about 3.5M once you take their house into account (which they own mostly outright, the moved later in life). Between social security and pensions they receive about 10K a month, but if one were to pass that would go down to about 5K.

They retired at 65 with 2mil. Now 89 with 1mil left.

I came from a middle class family

Surviving parent is 84, and last time we talked about it, it was somewhere between $3 and $4 million. She barely spends anything-her costs are pretty much covered by social security and a tiny pension she still gets from my Dad’s former employer. So her RMDs just get put back into savings or investments (or given as gifts to kids/grandkids).

Anonymous wrote:After your parents retired, what were their net worths? If they passed away (my condolences), what was their net worth at the end of their lives?

I don't know what my parents' net worth is. My dad has recently taken up day trading, and though he hasn't lost money yet, I don't know if I should be concerned.

Day traders to lose money, and people who lose money hide their losses into it blows up in their faces.

My parents’ net worth is well under a million dollars, though my mom also receives a nice pension ($70k/year) from her long teaching career. They live off that plus a very small amount of social security, own their house outright ($400k) and have under $400k in investments. They live pretty well!

Surviving parent is 89 and NW just south of $6M. He is doing well and has asks me to review his portfolio and taxes annually plus given me permission to tell him he must give control to me if I see evidence of diminished thought. So far so good. He’s a good father and I hope if I get old like he is, to be like him.

In same boat as OP. And I don’t think my parents are skilled at day trading. What to do about that?

I think it’s at least $5m. I wish they’d start spending it down. They are conservative, and life is passing them by.

After your parents retired, what were their net worths? If they passed away (my condolences), what was their net worth at the end of their lives?

I don't know what my parents' net worth is. My dad has recently taken up day trading, and though he hasn't lost money yet, I don't know if I should be concerned.