I honestly don’t know. They own a 1 bedroom apartment in Manhattan outright in a pre-WWII building on 5th Ave. The apartment was gut renovated when they bought it 15 years ago and they’ve maintained it really well.

They have some nice physical assets, like a Steinway grand piano. My dad is very good at investing and I do know they have enough in assets to qualify for some of Morgan Stanley’s more exclusive investment services.

But I don’t know the details and won’t until they both pass. Anything would be split between my sister and me.

I’m not sure, but if I had to guess for my parents I’d say somewhere between $1.5-2.5M. They live in a VLCOL area, so only about $250,000 of that is their paid-off house.

For my in-laws, I’d say maybe $550,000, of which $450,000 is their paid-off house in a MCOL area. At this point, their SS/pension covers their expenses, but I do worry about what the future might hold if one of them needs care in the future.

My ILs traded their retirement money away. It's easy to think you're a genius when markets keep going up. Now they live with a sib on a small pension. Thank god for that.

Anonymous wrote:I came from a middle class family

So did I. Your point?

Anonymous wrote:

Anonymous wrote:

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

What are the expenses during that 25 years?

Expensive living. New cars, lots of travel, and a lot of magical thinking. We won't live that long, it will work out, you only live once. And they give me grief for feeling the need to save aggressively and budget.

Well they are correct. If they managed to spend 1mil over 25 years doing "expensive living," they will be able to make the remaining 1M last over 20+ years as well.

How long do you think your parents are going to live for? I would only be concerned if living past 110 runs in your family. Or do you think your parents are going to travel at age 105 even more extensively than they did at age 70?

Around $1M. Both in their early 80s. They both have pensions and SS that cover their monthly expenses plus adding quite a bit to savings each month. They are pretty frugal and don’t spend a ton. In a CCRC.

We know all of their financial information now since my dad was scammed out of quite a bit a few years ago.

$0 My mother has no investments, savings or property.

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

That's pretty good. They can probably live around 20 years off of the remaining 1m.

Anonymous wrote:

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

What are the expenses during that 25 years?

Expensive living. New cars, lots of travel, and a lot of magical thinking. We won't live that long, it will work out, you only live once. And they give me grief for feeling the need to save aggressively and budget.

Anonymous wrote:I came from a middle class family

Is that bad or good? I'm an immigrant who waited 10 years for work permit working minimum wage jobs. Once I got the papers, it only took me 15 years to get rich on slightly above minimum wage.
Opportunities are passing you buy every day. You can't see them.
I could get to a million starting with $5k within ten years.

My parents have zero savings. They own a property and a house that is mortgage free. They save up for new cars but they live month to month off my father's fairly meager pension. They are on a pretty fixed income but very good at living within their means. This does limit what they can do and is a little sad as it keeps them at home a lot of the time as they don't have the money to travel or do fun things. Its a bit of a boring retirement.

They will leave us the house / property when they die. I want them to sell it now and live off the money as it would give them a much better quality of life but they refuse to do so, saying it is all they have to leave us. As my siblings and myself are all in much better financial positions than they are, I feel differently! I would rather see them enjoying life as I don't need their money.

Anonymous wrote:My parents are both turning 70. Mom is retired and has about $1 million in retirement I think.

Parents are divorced.

Dad still works and owns multiple business and multiple homes. Net worth is probably $2-3 million? Not sure. All I know is his estate will be horrific if/when he passes and I do not want to be the executor. He has houses in 3 countries and 2 states and 3 or 4 companies. It’s a mess.

Pp - actually now that I think of it his net worth must be more than that. He has a couple million in retirement and savings plus his businesses (construction and farming and real estate) plus his houses.

My parents are both turning 70. Mom is retired and has about $1 million in retirement I think.

Parents are divorced.

Dad still works and owns multiple business and multiple homes. Net worth is probably $2-3 million? Not sure. All I know is his estate will be horrific if/when he passes and I do not want to be the executor. He has houses in 3 countries and 2 states and 3 or 4 companies. It’s a mess.

$100k

When my mom died, she left $50,000 to split with my brother.

Today my net worth is $14M.

The American dream is still alive.