Do I have enough?

[Anonymous]

Truth is that more Americans want to retire OUTSIDE of the U.S. than ever before and many are doing it. Who the hell wants to stay in a place where we are taxed to death and have very little say in how it's spent, controlled by major corporations and run by a bunch of millionaires. I know they are looking out for me. (Not). They are running this country into the ground between the tax and spend democrats and the "give more corporate breaks" republicans, you can guess who is REALLY going to pay more!

 

[Anonymous]

I have about 1.4 million and think I will go down to a smaller place. I would be comfortable with 2 million to retire but would like 2.5 million. That's my 2 cents worth kids

 

[Anonymous]

I have about 1.4 million and think I will go down to a smaller place. I would be comfortable with 2 million to retire but would like 2.5 million. That's my 2 cents worth kids

I won't be comfortable until I have about 4.5 million. I have over 3 now. 2 people in our household-mid 50's and no children.

 

[Anonymous]

You are all full of shit

 

[Anonymous]

You have enough if you are close to retirement age and have 4 m and no debt.

 

[Anonymous]

Only 3% of Americans have between 499k and 1M at retirement. So, if you're going to count yourself in that group, you are very lucky to have hit it. The average retirement savings is about 250k - a far cry from what the "experts" say we will need to survive. I think there are going to be a lot of older people working way past 65. I have been in Pharma for 15 years (first really well-paying job and older). If I can hang in there for even two more years and keep saving, I will have about 600k not counting my home which has an equity of about 300k. I know it is not enough, but I still feel really lucky as my friend who is my age has only 60k saved. My other friend has 200k. These are average college educated hardworking people.

 

[Anonymous]

Dude, don't blame the poor for being poor. Blame the lack of opportunity in the US. And save for your children because they won't have the same opportunity you do.

Pay attention to this.

The world is undergoing a sea change. Jobs are becoming less available. Stick your money away from this industry and plan to live frugally, because your kids are looking down the barrel.

That's the plan I have been working since retirement 3 years ago. Consolidate investments. Cut down volatility. Reduce your debt.

Drink cheap wine and sit in the shade.

If you don't care about your kids, then blow it all as fast as you can and pick out a bridge you want to live under.

 

[Anonymous]

You sound like a ding dong from the South who goes to the Baptist church revival meeting. Enjoy your ignorance

 

[Anonymous]

Only 3% of Americans have between 499k and 1M at retirement. So, if you're going to count yourself in that group, you are very lucky to have hit it. The average retirement savings is about 250k - a far cry from what the "experts" say we will need to survive. I think there are going to be a lot of older people working way past 65. I have been in Pharma for 15 years (first really well-paying job and older). If I can hang in there for even two more years and keep saving, I will have about 600k not counting my home which has an equity of about 300k. I know it is not enough, but I still feel really lucky as my friend who is my age has only 60k saved. My other friend has 200k. These are average college educated hardworking people.

Are you sure it's that low? I know it's not very high, but I thought it would be higher than that. How old are you btw to have 600K. I'm 53 and my wife is 53 and we have 3 million. I want to work 5 more years. Again--no kids and modest paid off home. No second homes, no extravagant vacations. My spouse is in IT and makes about 100K

 

[Anonymous]

Are you sure it's that low? I know it's not very high, but I thought it would be higher than that. How old are you btw to have 600K. I'm 53 and my wife is 53 and we have 3 million. I want to work 5 more years. Again--no kids and modest paid off home. No second homes, no extravagant vacations. My spouse is in IT and makes about 100K

It is pretty low. I think there is another category of people with more than 1M and that is also about 3 percent. About 14 percent have 250k at retirement. There was a category that "have no idea" listed as 30 percent. I am 55 and it is just me. Lots of job losses/downsizings - six, in fact in 15 years (hate pharma for it) and I support two family members who cannot care for themselves. I know. It would be easier if the one just filed for disability - not going to happen. The other is dying. If I can work until I'm 62, I will come close to saving 800,000 but that is going to be the best I can do. I pray everyday to please let me keep this job. I have only been on two vacations in my entire life. I built the home I'm in - so nothing extravagant. I admit to spending about 2000 a year on Spa-related stuff. Otherwise, everything I buy is dirt cheap or used except for about 10 pieces of nice jewelry. I have only my mortgage as debt. All loans and medical bills are all paid and I put myself through graduate school a few years ago - all paid. My home once paid (six years to go) will probably sell for 380k. Honestly, you are doing great. So well, that if I were you I would never worry again about retirement and you will certainly be able to retire early and get insurance through ACA. Good job!

I will find that website and post the national percentages. It is a rude awakening for those that have done well. Do not flaunt it when so many are in bad shape. I even know a doctor who works in biostats - head of the department and good friend. He and his wife are both in research at a university and have only saved 150k in their retirement with no pension. They are 55 and 58.

 

[Anonymous]

http://www.forbes.com/sites/edwards...eatest-retirement-crisis-in-american-history/

Scary stuff.

Here is savings by age group. I was a little off but not by much.
http://www.learnvest.com/2012/11/retirement-savings-by-age-how-do-you-compare/

So, my point is that if you have over 1M saved, please do not be a dick and assume that you are like a rock star and everyone else is an idiot. You do NOT know their story. Many have had a lot of misfortune, medical bills, job losses, poor investments or educational debt. Sure, some have over spent but having you rub that in is not going to get a spender to stop and think. Those people do not care. If you have a great investment tip, by all means please share it.

 

[Anonymous]

Very insightful.. Thanks for sharing

 

[Anonymous]

It is pretty low. I think there is another category of people with more than 1M and that is also about 3 percent. About 14 percent have 250k at retirement. There was a category that "have no idea" listed as 30 percent. I am 55 and it is just me. Lots of job losses/downsizings - six, in fact in 15 years (hate pharma for it) and I support two family members who cannot care for themselves. I know. It would be easier if the one just filed for disability - not going to happen. The other is dying. If I can work until I'm 62, I will come close to saving 800,000 but that is going to be the best I can do. I pray everyday to please let me keep this job. I have only been on two vacations in my entire life. I built the home I'm in - so nothing extravagant. I admit to spending about 2000 a year on Spa-related stuff. Otherwise, everything I buy is dirt cheap or used except for about 10 pieces of nice jewelry. I have only my mortgage as debt. All loans and medical bills are all paid and I put myself through graduate school a few years ago - all paid. My home once paid (six years to go) will probably sell for 380k. Honestly, you are doing great. So well, that if I were you I would never worry again about retirement and you will certainly be able to retire early and get insurance through ACA. Good job!



I will find that website and post the national percentages. It is a rude awakening for those that have done well. Do not flaunt it when so many are in bad shape. I even know a doctor who works in biostats - head of the department and good friend. He and his wife are both in research at a university and have only saved 150k in their retirement with no pension. They are 55 and 58.

Thanks-you seem like a really nice person--putting yourself thru grad school, etc. Good luck to you too! Thanks for the info as well.

 

[Anonymous]

http://www.forbes.com/sites/edwards...eatest-retirement-crisis-in-american-history/

Scary stuff.

Here is savings by age group. I was a little off but not by much.
http://www.learnvest.com/2012/11/retirement-savings-by-age-how-do-you-compare/

So, my point is that if you have over 1M saved, please do not be a dick and assume that you are like a rock star and everyone else is an idiot. You do NOT know their story. Many have had a lot of misfortune, medical bills, job losses, poor investments or educational debt. Sure, some have over spent but having you rub that in is not going to get a spender to stop and think. Those people do not care. If you have a great investment tip, by all means please share it.

Thanks!

 

[Anonymous]

I cut hair on the weekends for extra money

 

[Anonymous]

I cut hair on the weekends for extra money

Why be rude. The poster was kind to post the info she did. I don't understand why there are so many rude people on these boards who act stupid on top of it.

 

[Anonymous]

OP here. I now have 1.35 million. This market has been on fire!

 

[Anonymous]

well missy the stock market is on fire after all

 

[Anonymous]

You have enough if you are close to retirement age and have 4 m and no debt.

I agree If I was close to retirement and had 4 or 5 million, I'd have enough.

 

[Anonymous]

what if the market crashes again though?