Anonymous
07/19/2023 14:41
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Me at 55 - $477K in 401K
DH at 66 - $550K in 401K, $220K in brokerage
$1.5M in real estate equity between two houses. One could be sold to redirect its $500K in equity to investment.
We are truly far behind because of bad decisions, bad luck, and bad health. But most of the kids' private schools and private college tuitions are paid for. We prioritized that when I'm sure we should have prioritized saving. DH plans to work for 4 more years and makes $600K+ (his earnings doubled in recent years and we're saving $100K-$150K annually). I really really want to retire, but could work another decade if I have to. It just has to be something that gives me more quality of life than the past 20 years have.
What does your DH do that his income has doubled, especially at that age? Awesome!
Anonymous
07/19/2023 13:34
Subject: Re:50 year olds - how much retirement $ do you have saved?
Me at 55 - $477K in 401K
DH at 66 - $550K in 401K, $220K in brokerage
$1.5M in real estate equity between two houses. One could be sold to redirect its $500K in equity to investment.
We are truly far behind because of bad decisions, bad luck, and bad health. But most of the kids' private schools and private college tuitions are paid for. We prioritized that when I'm sure we should have prioritized saving. DH plans to work for 4 more years and makes $600K+ (his earnings doubled in recent years and we're saving $100K-$150K annually). I really really want to retire, but could work another decade if I have to. It just has to be something that gives me more quality of life than the past 20 years have.
DH at 66 - $550K in 401K, $220K in brokerage
$1.5M in real estate equity between two houses. One could be sold to redirect its $500K in equity to investment.
We are truly far behind because of bad decisions, bad luck, and bad health. But most of the kids' private schools and private college tuitions are paid for. We prioritized that when I'm sure we should have prioritized saving. DH plans to work for 4 more years and makes $600K+ (his earnings doubled in recent years and we're saving $100K-$150K annually). I really really want to retire, but could work another decade if I have to. It just has to be something that gives me more quality of life than the past 20 years have.
Anonymous
07/19/2023 13:25
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
You're doing fine. Truly You have 20 years to work and contribute. That million will double before you know it. Chin up. !!!
+1 401k values usually double every 10 years. You're not behind. DCUM is a bubble.
rule of 72, time = 72/return%
so for 10 years, your return should be 7.2%, might be tough
Anonymous
07/19/2023 13:21
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
A lot can change in 10 years. Compare yourself to the people in the 40s thread, not here.
Anonymous
07/19/2023 11:42
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Divorced. I have $200k in TSP, $500k in taxable brokerage accounts, $1 million in real estate equity and about $300k in art. I’ll be getting a pension but didn’t start my fed job until I was 40 and really want to retire at 62. I have no debt aside from a $175k mortgage at 2.875% which I hope to have paid off by retirement. College is already paid for. Im hoping it’s enough.
That's an odd mix of assets.. High value real estate and art given your total net worth!
Anonymous
07/19/2023 08:09
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
You are doing exceptionally well.
This thread is an invitation for classic dick measuring contest. So take the replies with a ton of salt.
Anonymous
07/19/2023 07:44
Subject: 50 year olds - how much retirement $ do you have saved?
Divorced. I have $200k in TSP, $500k in taxable brokerage accounts, $1 million in real estate equity and about $300k in art. I’ll be getting a pension but didn’t start my fed job until I was 40 and really want to retire at 62. I have no debt aside from a $175k mortgage at 2.875% which I hope to have paid off by retirement. College is already paid for. Im hoping it’s enough.
Anonymous
07/18/2023 18:35
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
You're doing fine. Truly You have 20 years to work and contribute. That million will double before you know it. Chin up. !!!
+1 401k values usually double every 10 years. You're not behind. DCUM is a bubble.
No. It should double every five years considering continuous contributions.
Anonymous
07/18/2023 18:26
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
You're doing fine. Truly You have 20 years to work and contribute. That million will double before you know it. Chin up. !!!
+1 401k values usually double every 10 years. You're not behind. DCUM is a bubble.
Anonymous
07/18/2023 18:17
Subject: Re:50 year olds - how much retirement $ do you have saved?
Anonymous wrote:This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
You're doing fine. Truly You have 20 years to work and contribute. That million will double before you know it. Chin up. !!!
Anonymous
07/18/2023 18:15
Subject: Re:50 year olds - how much retirement $ do you have saved?
This board makes me want to cry. DH and I are 45 and 47 and have about 1 million combined in our 401ks (400k/600k). Maxing contributions to 401ks each year plus employer match and $1800 each month to 529s. Feeling very behind.
Anonymous
07/18/2023 13:41
Subject: 50 year olds - how much retirement $ do you have saved?
53
Divorced
$750k (401K, Roth, Trad IRA, taxable investment account)
$373K in equity
Divorced
$750k (401K, Roth, Trad IRA, taxable investment account)
$373K in equity
Anonymous
07/18/2023 12:40
Subject: 50 year olds - how much retirement $ do you have saved?
Anonymous wrote:Doctors, CEOs, high-level government types - all these people are "the boss." When you're the boss, you set your own schedule and they're not in a huge hurry to give up their power, their identity, respect from subordinates, etc. People who don't have agency over their time want to retire early.
A lot of doctors I know want to retire
Anonymous
07/18/2023 12:10
Subject: 50 year olds - how much retirement $ do you have saved?
Doctors, CEOs, high-level government types - all these people are "the boss." When you're the boss, you set your own schedule and they're not in a huge hurry to give up their power, their identity, respect from subordinates, etc. People who don't have agency over their time want to retire early.
Anonymous
07/18/2023 10:37
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.
PP here. I'd gladly be a Supreme court judge, CEO, President, Governor or any such job with a high degree of power. The jobs I can get (and I suspect you too) are nowhere close to those... glorified peons basically. Why would you want to do that?