Anonymous
07/18/2023 08:51
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:I'm so jealous of everyone who has a pension.
Don't be. A pension assumes I live long enough to use it. Right now, I can barely pay the bills. I'd rather have some of the money now.
Anonymous
07/18/2023 08:12
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)
Dual-earner HHI of around $320K
After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.
A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.
I don't know PP. I wouldn't call that living.
+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?
Really? All of Supreme Court justices are 60+ albeit maybe one or two, majority of people in senior political positions are 65+, so many CEOs are 60+. I am quite sure that majority of these people can afford to retire today but here they are.
I don’t understand this middle class obsession with retirement. Find something you like to do, do it well and stay busy. Retirement isn’t all that it’s cracked up to be, our minds need to stay busy, organized, have some structure.
The positions you mention are quite different from the average middle class worker. If I was the CEO making a huge salary with the freedom to do whatever I want I'd probably keep working too.
Seriously. Supreme court justices work like 5 days a month, get the summer off, and get to rule the country without any accountability. Who wouldn’t want that job but it’s perfect for cranky old men like Thomas and Alito (and Breyer).
I work with lots of older MDs. Some are in academia but many are practicing and working long hours. It’s a vocation. I’m planning to work until at least 65 because I love what I do and I make a positive impact. There’s only so much tennis I can play and with climate change only so much travel I feel comfortable doing.
Anonymous
07/18/2023 07:50
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:I'm so jealous of everyone who has a pension.
You can generate one by annuitizing assets. Annuities get a bad rap because some have a lot of fees, but not all do and they do serve the purpose of ensuring a lifelong income stream. I plan to annuitize a subset of my assets so that with social security my very basic needs are met. This will allow me to feel more flexible with investing my other assets--and with spending them.
I don't think that's what PP meant.
Anonymous
07/18/2023 07:47
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)
Dual-earner HHI of around $320K
After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.
A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.
I don't know PP. I wouldn't call that living.
+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?
Really? All of Supreme Court justices are 60+ albeit maybe one or two, majority of people in senior political positions are 65+, so many CEOs are 60+. I am quite sure that majority of these people can afford to retire today but here they are.
I don’t understand this middle class obsession with retirement. Find something you like to do, do it well and stay busy. Retirement isn’t all that it’s cracked up to be, our minds need to stay busy, organized, have some structure.
The positions you mention are quite different from the average middle class worker. If I was the CEO making a huge salary with the freedom to do whatever I want I'd probably keep working too.
Seriously. Supreme court justices work like 5 days a month, get the summer off, and get to rule the country without any accountability. Who wouldn’t want that job but it’s perfect for cranky old men like Thomas and Alito (and Breyer).
Anonymous
07/18/2023 07:29
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)
Dual-earner HHI of around $320K
After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.
A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.
I don't know PP. I wouldn't call that living.
+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?
Really? All of Supreme Court justices are 60+ albeit maybe one or two, majority of people in senior political positions are 65+, so many CEOs are 60+. I am quite sure that majority of these people can afford to retire today but here they are.
I don’t understand this middle class obsession with retirement. Find something you like to do, do it well and stay busy. Retirement isn’t all that it’s cracked up to be, our minds need to stay busy, organized, have some structure.
The positions you mention are quite different from the average middle class worker. If I was the CEO making a huge salary with the freedom to do whatever I want I'd probably keep working too.
Anonymous
07/18/2023 00:45
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:44 and 47
$1.25M 401ks
$170K brokerage
$150K savings
$350K 529s (for three kids, so still saving to do)
$300K home equity (home paid off ~ 14 years)
Dual-earner HHI of around $320K
After 25 years of full-time work and now with three kids, I would love to scale back, but not possible or practical yet! Right now, our goal is for one of us to retire by mid to late 50s and the other early 60s, but we will see how things go.
A man not working in late 50s is unemployed. They usually die within a few years. 100 percent of my uncles who retired early 59-62 dropped dead by 70. My uncles who worked till 70 all are alive and between 86-93.
I don't know PP. I wouldn't call that living.
+1 IK,R? Working after 55 is something you do only because you have to, not because you want to. All the other BS about dropping dead, men get bored, etc. is just crazy talk cooked up by phDs who couldn't find a better topic to right about.. It's not like anyone's going to care to dispute their findings! What's in it for them?
Really? All of Supreme Court justices are 60+ albeit maybe one or two, majority of people in senior political positions are 65+, so many CEOs are 60+. I am quite sure that majority of these people can afford to retire today but here they are.
I don’t understand this middle class obsession with retirement. Find something you like to do, do it well and stay busy. Retirement isn’t all that it’s cracked up to be, our minds need to stay busy, organized, have some structure.
Anonymous
07/17/2023 21:56
Subject: Re:50 year olds - how much retirement $ do you have saved?
49, single. I'm way behind everyone.
600,000 401K
120,000 investments
one rental property owe 300,000
one home still owe 600,000
no debt other than homes
600,000 401K
120,000 investments
one rental property owe 300,000
one home still owe 600,000
no debt other than homes
Anonymous
07/17/2023 19:34
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:I'm so jealous of everyone who has a pension.
You can generate one by annuitizing assets. Annuities get a bad rap because some have a lot of fees, but not all do and they do serve the purpose of ensuring a lifelong income stream. I plan to annuitize a subset of my assets so that with social security my very basic needs are met. This will allow me to feel more flexible with investing my other assets--and with spending them.
Anonymous
07/17/2023 19:15
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:I'll share to make everyone else feel better
Not quite 50, but:
Me, 300k tsp
Wife, 230k 401k
100k brokerage
100k savings
Gonna work til we die.
I mean, you can work till you die if you feel like it but I think you'll be fine to retire at 62 or so if you want to. Seriously. That federal pension + social security + mortgage you'll have paid off by then will get you there.
Anonymous
07/17/2023 18:55
Subject: 50 year olds - how much retirement $ do you have saved?
3M plus pension
Anonymous
07/17/2023 18:54
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:I'm so jealous of everyone who has a pension.
I have 2 including one I am working on right now. A private sector firm with a pension is a huge plus!
Anonymous
07/17/2023 18:43
Subject: Re:50 year olds - how much retirement $ do you have saved?
I'm so jealous of everyone who has a pension.
Anonymous
07/17/2023 08:58
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Why???Anonymous wrote:This is a very depressing thread.
Because these figures are eye popping to average Americans??
-dp
If you are well educated and ambitious you should not compare yourself with the “average” anything. You should compare yourself with people in your social class. Relative to our peers and college friends, I feel behind with $5mm at 49. Kids are young and house is not paid off, so yah, dh and I have underachieved so far given our potential.
Why? This sounds like an utterly miserable mindset.
Anonymous
07/17/2023 08:54
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Why???Anonymous wrote:This is a very depressing thread.
Because these figures are eye popping to average Americans??
-dp
If you are well educated and ambitious you should not compare yourself with the “average” anything. You should compare yourself with people in your social class. Relative to our peers and college friends, I feel behind with $5mm at 49. Kids are young and house is not paid off, so yah, dh and I have underachieved so far given our potential.
I mean
I have had a high paying career and will retire with about $5M after a late in life divorce. It’s fine. We all make choices. Yes I spent a lot of money on things with my ex that maybe were less than optimal but I can’t revisit that. And divorcing an unstable, cheating spouse after trying to make it work for many years - I’m much happier, despite the financial hit. I’m lucky I have what I have and life will be good. You’re fine too.
Anonymous
07/16/2023 23:06
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:
Each just turned 50:
2.2 in 401k
1.1 in stock
3 pensions between us paying about 100 g per year.
3 million in home equity
1.5 - 2.2 per year in salary but expecting on the lower end for a couple of years at least with econ…
Savings seem almost nonexistent given income.