How much do you have to have to retire and how long you have to work to reach your goal?
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Housing market in SF is insanely expensive. Fun city to live but not cheap. Also there is a poster who assumes people who be able to save have no kids. How funny and clueless
@4ieh, you must not know anything about the Bay Area. I’m talking about SF Bay not Tampa Bay. $1.8 million here is middle class.
Lots of “DINKS” here... double income no kids. Missed the chance to spend on something lasting. Don’t think that leaving to the kids is an option.
That’s about 10 times middle class.
44 year old and $1.8 million in the Bay Area which makes me firmly middle class. Need 10 years and 4 million if I stay or $2.5 million if
I leave.
Rule of 72: The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors obtain a rough estimate of how many years it will take for the initial investment to duplicate itself.
It can be done! The earlier you start, the better. Also, let your dividends re-invest in more stock. Don't fall asleep, monitor your investments and stay tuned to what is going on with the company in which you have invested.
My spouse and I also have a decent net worth. We are older than most posters here and the older we get the more we value our health. Money is not everything, health is wealth
Most of y'all sound liked you banked some serious money. I mean, come on? Millions? I guess that provides a a good cushion against major illness or expensive lawsuits – not to mention retirement.
@pwz I don’t think people are bragging here and I appreciate their honestly and open to share.
I'm 52 and probably won't retire before 68, but I'd like to retire with $1MM. Between my 401K, some individual stocks, savings, and CDs, I have about $500K currently put aside for retirement. But a lot of that is stock which has taken a HUGE hit over the last couple of years. I imagine (and hoping) it'll be worth at least $700K when the stock market eventually rallies. In the meantime, I'm still contributing...
I have the $3.4 million. We did it by both working, maxed out 401ks every year since we are 21. We are 50 and 52. Both make good salaries because we stayed in the workforce. I expect to be laid off. We had only 1 child and live way below our means. No fancy cars, vacations, homes, private educations, or spending on Knick knacks and the latest this and that. It can be done. I plan on being a financial planner after this to show others how they can become an armchair multimillionaire.
What salaries are you all making? Do you have huge inheritances? Are you selling d–gs?!
Seems like bragging on this post and not much mainstream reality. Give the rest of us a break.
I max out everything (my 401K and Roth, have several mos. savings cushion), but am nowhere near the massive numbers being reported here (only around $500k all accounts combined). I'm 12 years from retirement at best (in mid 50s) and live in expensive PNW. Hope to have home paid off by age 70.
I'm very worried about not having enough saved for retirement, despite doing everything possible (stock market hasn't been kind). Maybe those with spouses can take more risks in the stock market? Who knows!
Anyone else out there who doesn't have millions saved?
It’s been rough, started with low salary. I’m at 450k total, 53, will move out of CA once my mom passes, will probably see another 20k from her- have to share with siblings. I do have some physical gold and silver. Will probably work another 5 years and something else to do.
i got nothin
Age 48. 10 trillion in liquid assets. But gonna give it all to the govt for a green new deal
Age 50. Expect to be laid off. Spouse still working. $3.4 million in 401k and non-IRA mutual funds. 1 child, $200,000 in 529 plan. $400k equity in home. Would have no mortgage if relocate from northeast to south. Can I retire yet, or should I try to find 1 more job? Not a lot in banking where I am. Thanks
So the median retirement account balance at age 45 in 2020 is $80,000 per SmartAsset
Some folks are really getting some primo fat salaries to bank $1 million per spouse by 40. Maybe it’s not all earnings, but look out, the axman comes for thee. Ha!
41, our net worth is 2.3mm with paid off. Think we will need 5mm or so to retire at 50 with annual budget around 125k.
I had an FA tell me 10 years ago, goal at retirement age should be $2 million for a couple living on the East Coast. Problem now is the low interest rates, so you have to go further out on the risk limb for your money to generate income. It seems high, I know, and it depends on so many variables.
I hate to throw Wells Fargo a compliment haha, but I would highly recommend the Envision Plan. Especially if you’re 40 to 50 ish. It’s not exact, but it offers valuable insight in to what amount you, personally, might need to retire based on your living expenses, age, goals, risk tolerance etc. I did it about 5 years ago and it did help me to recognize that I would need more than I was thinking I would need.
Early 40’s; 1MM invested (40% liquid); paid for house and 120k cash. My goal is to retire from Corporate America when we have enough assets to generate 100k-120k residual income per year net.
To those of you in your 60s with large savings figures, access to defined benefit pensions, inheritances and an ability to collect Social Security and enroll in Medicare... I truly hope you intend to leave some of it to your children.
Gen X and Millenials have taken huge hits in 2008 and 2020 career wise and in many other ways losing out on years of salary increases and investment returns when the exponents matter the most. The long term damage of the mismanagement of the pandemic by those in power is yet to be realized.
Precious few of us have pensions and Social Security and Medicare will probably be bankrupt long before we can collect in 20+ years despite having contributed for the past 30 years. The potential for retirement destitution among these generations is really scary.
Early 60's, both retiring before the end of this year. 1.3MM in 401k's, $700,000 Liquid Assets, plus 3 Pensions. House fully paid off. Inheritance will double these figures.
Spouse and I are 40-ish. Household AGI of $650K and about $900K in savings. We want to retire at 60. (I do OK for myself, but not particularly high up the ladder, so can you guess which of us is the breadwinner?) We think the economy is going to spiral much further, and are putting money in savings hand-over-fist and cutting expenses.
Two recessions, four jobs sent to India, who has any 401k left? You all must be kinds still, wait until you hit 40 and they are done with you. I only have the 401k from WF so I'll probably never retire unless they kick me out during one of these layoffs.
Have about 100k saved so far (I’m 30). My goal is to get to 4-5mil and retire/half retire whenever I do get there.
1 million dollars....(muhaha)
5mm
spouse and I have a total of $800K in retirement funds. House is fully paid for, and still have $100k+ in bank. one of us will retire first in a few years.