Anonymous
03/01/2021 09:25
Subject: What is your net worth if you are 55 years of age
You supposed to have a multiplier by age in this case 5.5 million total is goal for a 55 year old.
Anonymous
03/01/2021 09:22
Subject: What is your net worth if you are 55 years of age
55 & 50; About $6M (not including home but includes 529) with 2 kids in HS.
Anonymous
03/01/2021 09:20
Subject: What is your net worth if you are 55 years of age
Anonymous wrote:Anonymous wrote:54, married, two kids, HHI of $220,000 annually.
Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.
That includes -
Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.
I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.
Im the PP just after you. I agree with your estimate of $2m. I will be eligible for a pension similar to your DH's in 1.5 years and that's how I view its worth, but I've seen more conservative calculators place it at about half that, so I lowballed my estimate above. So the combined value of DH's and my pensions appears to range from $1.5m to $3m.
PP above.. My post got messed up. reposting. It should be valued at about half that (closer to $1M+). A pension is an annuity with no residual value.. Here's a calculator to figure it out.
https://www.schwab.com/annuities/fixed-income-annuity-calculator
Anonymous
03/01/2021 08:36
Subject: What is your net worth if you are 55 years of age
51 and 56 - about $3.1 million
HHI has varied over the years but averaging about $250K
No pension.
HHI has varied over the years but averaging about $250K
No pension.
Anonymous
03/01/2021 08:21
Subject: What is your net worth if you are 55 years of age
Anonymous wrote:54, married, two kids, HHI of $220,000 annually.
Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.
That includes -
Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.
I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.
Im the PP just after you. I agree with your estimate of $2m. I will be eligible for a pension similar to your DH's in 1.5 years and that's how I view its worth, but I've seen more conservative calculators place it at about half that, so I lowballed my estimate above. So the combined value of DH's and my pensions appears to range from $1.5m to $3m.
Anonymous
03/01/2021 08:16
Subject: What is your net worth if you are 55 years of age
Anonymous wrote:54, married, two kids, HHI of $220,000 annually.
Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.
That includes -
Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.
I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.
PP here - bad math on my part. Would need $1.3 miilion earning 4% annually to have $50,000 in guaranteed income - so that would be the estimated pension value.
Anonymous
03/01/2021 08:15
Subject: What is your net worth if you are 55 years of age
I was reading whether to include pensions. If so, we are around 6 after paying for college/post college educations for three adult kids. 57/58 yo.
Anonymous
03/01/2021 08:14
Subject: What is your net worth if you are 55 years of age
Both of us are 55. One kid out of college, one kid in college.
Our actual assets-in-hand net worth is about $1.3 million. But we're both government employees with 20+ years each. Adding fairly conservative estimates of the value of our pensions brings us to a little over $3m.
Our actual assets-in-hand net worth is about $1.3 million. But we're both government employees with 20+ years each. Adding fairly conservative estimates of the value of our pensions brings us to a little over $3m.
Anonymous
03/01/2021 08:14
Subject: What is your net worth if you are 55 years of age
54, married, two kids, HHI of $220,000 annually.
Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.
That includes -
Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.
I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.
Net worth is $1.8 million, plus one of us (DH) would immediately start receiving a $55,000 annual pension if he left his federal government job today.
That includes -
Enough in 529 accounts to pay for the rest of two kids college (one a senior, one a freshman)
$865,000 in retirement accounts.
$565,000 in home equity
$250,000 in mutual fund investments.
I know there are different ways to calculate the value of the pension - the way I look at it, I would need about $2 million in safe investments earning 4% a year to have $50,000 in guaranteed income. So I guesstimate that the pension has a value of about $2 million.
Anonymous
03/01/2021 08:12
Subject: Re:What is your net worth if you are 55 years of age
>$10M but working spouse insists he needs to continue to work until youngest graduates college (and probably grad school too since he’s paid that for an older child). What’s the point of having worked for and saved all that money? Not sure except we started out together with nothing but debt, have received zero assistance (except loans, I guess) and it changes your perspective.
Anonymous
03/01/2021 08:03
Subject: What is your net worth if you are 55 years of age
both of us coming up on 55 this year, nw about 6-7 mil
Anonymous
03/01/2021 07:13
Subject: Re:What is your net worth if you are 55 years of age
56 and DH is 60. House is a DCUM crapshack teardown- we supposedly have about $800k in equity there. We just paid the last college tuition payment. Our non-401k/IRA savings (including emergency fund) is around $150k. No pensions. AGI for 2020 as $185k. 401k/IRAs are inching up to $4M. We hit our retirement goal, but we need one job for health insurance until Medicare kicks in for at least one of us.
Anonymous
03/01/2021 07:00
Subject: Re:What is your net worth if you are 55 years of age
No man’s land—Spouse and I are in our 50s but not 55 yet.
Anonymous
03/01/2021 01:27
Subject: What is your net worth if you are 55 years of age
Anonymous wrote:Since some complained on the other thread that over 40 shouldn’t post. But please share here.
I meant 55+. Inadvertently left out the +
Anonymous
03/01/2021 01:27
Subject: What is your net worth if you are 55 years of age
Since some complained on the other thread that over 40 shouldn’t post. But please share here.