Average Net Worth Exceeds $1 Million For 50 year olds.

[rightwinger]

Huh?

Let me start over. If 9 of us make $100K a year and 1 guy makes $1 million the median is $190,000.

But the average person in the group does not make that. 9 of us make $100K. So the rich dude is throwing the number off. What am I missing?

You are confusing mean with median

 

[sealybobo]

You are confusing mean with median

You're mean. LOL.

 

[progressive hunter]

Unions aren't government controlling everyday activities. But let me remind you, government does and should control the everyday activities of business. Or should they just do it every other day?

Unions represent workers. You don't know what fascism is apparently.

The 1%:The wealthiest American earners now own more wealth than the entire middle class

The only way to combat this is to form unions. Or government regulations. How else do you propose getting the corporations to start giving their workers more???

dont have to be a government to be fascist,,

 

[sealybobo]

Is it median or is it average?

I just added up how much I have. I'm 53 and I have $650K in total assets. Condo $150K and $500K in $. If I keep working till I'm 59 I MIGHT reach $1 million. 7 years if i save $40K a year that's $300K added to the $500K. So I will come close. And I'm single, no kids, no debt, no mortgage. Just the basic bills like a lease car, car insurance, condo dues. The one luxury I pay for is my pontoon boat. Boats are expensive.

I don't know how the rest of you do it. If you only make $65K a year or if you make what I make and have kids, how do you do it? Perhaps you started saving when you were young and never stopped. I had a rough 8 years during the Bush years. Manufacturing took a huge hit on his watch. He sent 750,000 good paying jobs overseas and caused a global recession.

Anyways, how are all of you doing as far as being a millionaire in your 50's?

P.S. My dad is going to leave my brother and I $800K. So add $400K to what I will have someday. I hope he lives a long healthy life because I don't need it but I hope he doesn't have to go into an expensive home that's going to eat up that $800K. Inheritance is an important part of wealth. Most people today have parents who don't have shit. In fact they'll probably have to move in with you in order to stay retired.

 

[WorldWatcher]

I just added up how much I have. I'm 53 and I have $650K in total assets. Condo $150K and $500K in $. If I keep working till I'm 59 I MIGHT reach $1 million. 7 years if i save $40K a year that's $300K added to the $500K. So I will come close. And I'm single, no kids, no debt, no mortgage. Just the basic bills like a lease car, car insurance, condo dues. The one luxury I pay for is my pontoon boat. Boats are expensive.

In 7 years at a low rate of return of 4%, $500K grows to roughly $650K. Adding interest and $30K a year would be a little over $850K in financial reserves not counting the Condo.

I don't know how the rest of you do it.

I choose military as a first career. I was enlisted, not an officer, so I don't think anyone can claim that I'm getting big bucks. When we first retired 25 years ago military retirement didn't even cover the mortgage/rent, but I'm so thankful for it because every little bit helped.

With both my wife and I working we were able to cover a modest living standard, do some saving for the kids for college, and put a few bucks away for retirement.

WW

 

[Harpy Eagle]

I just added up how much I have. I'm 53 and I have $650K in total assets. Condo $150K and $500K in $. If I keep working till I'm 59 I MIGHT reach $1 million. 7 years if i save $40K a year that's $300K added to the $500K. So I will come close. And I'm single, no kids, no debt, no mortgage. Just the basic bills like a lease car, car insurance, condo dues. The one luxury I pay for is my pontoon boat. Boats are expensive.

I don't know how the rest of you do it. If you only make $65K a year or if you make what I make and have kids, how do you do it? Perhaps you started saving when you were young and never stopped. I had a rough 8 years during the Bush years. Manufacturing took a huge hit on his watch. He sent 750,000 good paying jobs overseas and caused a global recession.

Anyways, how are all of you doing as far as being a millionaire in your 50's?

P.S. My dad is going to leave my brother and I $800K. So add $400K to what I will have someday. I hope he lives a long healthy life because I don't need it but I hope he doesn't have to go into an expensive home that's going to eat up that $800K. Inheritance is an important part of wealth. Most people today have parents who don't have shit. In fact they'll probably have to move in with you in order to stay retired.

Good questions.

I turn 60 this year. Between my wife and I we have about $350k in our 401k/IRAs. We have about 150k equity in our home. So, at the age of 60 and 57 we have around 500k. We plan to retire in about 5.5 years, by then our investment/retirement accounts should be over 500k and our home equity 200 to 250k.

10 years ago we had basically nothing saved for retirement, all we have is from the last 10 years. Having two incomes is the major difference for us, plus we are making 4 times what we were in 2013.

I also have a military pension, and while it is not huge, if I live to be 85 it will give me more than 500k over that time frame. My wife will have a pension from the VA when we retire which over the course of 25 years will give her/us another 350k or more since it gets COLA raises each year.

 

[martybegan]

Way up! I showed the real net worth of a household in its 50s is only $300k. And that probably includes their $150k house. And thats a couple.

I don’t have a million yet but I’m single with no debt. So i should have it before I turn 60. I’d already be there if not for the 8 years of bush.

Pushing 1M mostly due to starting my 401k when I was 22 and contributing a minimum of 10% of my own money every year.

Not bad for 49, and I'm in Engineering so I can work until I lose my marbles or they wheel me out.

 

[Harpy Eagle]

Not bad for 49, and I'm in Engineering so I can work until I lose my marbles or they wheel me out.

but why would you want to?

 

[martybegan]

but why would you want to?

because I like what I do, and after 70 mostly you go on 10-20 hours a week, with unpaid time off when you want it.

 

[Harpy Eagle]

because I like what I do, and after 70 mostly you go on 10-20 hours a week, with unpaid time off when you want it.

After 65 I want to never "go in" ever again.

Actually I want that now, but that damn lotto never pays off!

 

[martybegan]

After 65 I want to never "go in" ever again.

Actually I want that now, but that damn lotto never pays off!

Usually you are just brought in to advise the full time people on particularly troubling issues. You usually don't run a department or a site or a group anymore.

 

[Harpy Eagle]

Usually you are just brought in to advise the full time people on particularly troubling issues. You usually don't run a department or a site or a group anymore.

I have have a job since I was 15 with the exception of a total of 6 months while either unemployed for a short time or when I first went to college out of high school.

That is 3/4 of my life. I am more than ready to never work a day again in my life. Had we started saving sooner and if my wife (who did not become a nurse till 2012) was ready to hang up the scrubs, I could be very content never working a day again in my life.