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.

Agreed, this from another poster. Through our lives we've traveled and done a lot. The idea of not working at this point feels like stopping feeling vibrant too soon. But both DH and I love our work. And other than my parents, no one in our family is retired. All of our friends still work. Once everyone else is retiring we might reconsider.

Again, I get your situation -- you love your work, so you keep doing it. That's different from the vibe I got from the $10 mil poster. But, even in your case, why do you thinking working is the only thing that makes you "feel[] vibrant?" I feel vibrant NOT working and being beholden to no one. Just as you feel that you need to work to feel vibrant, I think that it's sad to define yourself by your work.

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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:10x age is normal goal. Which is 5.5 million net worth at 55.

Which is very impressive in a single income household. But this site is all dual income power coupled so 11 million would be goal

Not sure this is "normal". Are you suggesting that having $5.5 million at age 55 is a normal expectation? What about a couple, both 55, does the "normal" expectation go to $11 million? How many 55 y.o. couples do you know that have that kinda money?

I'd personally use the Millionaire Next Door's model for wealth accumulation as a yardstick. They have 2 categories - Average Accumulator of Wealth (AAW) and Prodigious accumulator of wealth (PAW). An AAW's net worth is Age*salary/10. For a PAW it would be AAW*2. Don't recall how they treat the spouse's income but I'd go with using the age for the oldest spouse in these calculations.

So for a couple earning $200k where the older spouse is 55 that would be $1.1 million using the AAW calculator

Anonymous wrote:

Anonymous wrote:10x age is normal goal. Which is 5.5 million net worth at 55.

Which is very impressive in a single income household. But this site is all dual income power coupled so 11 million would be goal

Not sure this is "normal". Are you suggesting that having $5.5 million at age 55 is a normal expectation? What about a couple, both 55, does the "normal" expectation go to $11 million? How many 55 y.o. couples do you know that have that kinda money?

I'd personally use the Millionaire Next Door's model for wealth accumulation as a yardstick. They have 2 categories - Average Accumulator of Wealth (AAW) and Prodigious accumulator of wealth (PAW). An AAW's net worth is Age*salary/10. For a PAW it would be AAW*2. Don't recall how they treat the spouse's income but I'd go with using the age for the oldest spouse in these calculations.

Anonymous wrote:10x age is normal goal. Which is 5.5 million net worth at 55.

Which is very impressive in a single income household. But this site is all dual income power coupled so 11 million would be goal

Anonymous wrote: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 wrote: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 wrote:51 and 57. $160K combined HHI (no, we're not big wage earners.) Total net worth approximately $3.5M. We have a combined $1.7M in IRA's. $1.2M in stock (inheritance.) $200K in 529's - junior in college, senior in high school and sophomore in high school. We have enough in the 529s to pay for the 2 oldest. We'll have to dip into savings for the youngest. House is worth approximately $700K and we owe $200K.

Smartest decision we both made - maxing out our 401K's when we both started working

Anonymous wrote:

Anonymous wrote:Are there a lot of people reading but not posting because they're as psyched out by these numbers as I am?

53 years old with husband in 60s and total net worth including 529s and everything else is only $1.4M. We'll have one tiny pension bringing in $20K annually and whatever the top rate is for SS. I never realized how poor we were until I read this.

Lol. Poor! 1.4M

Anonymous wrote:10x age is normal goal. Which is 5.5 million net worth at 55.

Which is very impressive in a single income household. But this site is all dual income power coupled so 11 million would be goal

Anonymous wrote:DH is 54, I am 50. So close enough. We have a condo paid for, worth around 350K, a house that we owe 200K on, and it is worth, 650K.
That's it. Other than retirement and some life insurance, we have nothing else. Income just under 200K, but we have enormous medical bills, two SN kids with health issues.