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jj4465
Member
Cash: $ 3.55
Posts: 15
Joined: 27 Dec 2004
Location: Nebraska
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| where are we at compared to everyone else? |
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Does anyone know what the relative average on how much retirement savings people actually save. We have around $500,000 in liquidable assets, besides the house and land. The assets consist of stocks and cds. Where to we stand with other people? It looks like we have more liquidable assets than most people do, but $500,000 for the rest of your life doesnt seem so large. Any help would be appreciated. THANKS!
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Sat Jan 01, 2005 2:13 am |
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Andrew
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Good question. It will help to post your current age. Also, when do you want to retire?
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Sat Jan 01, 2005 3:08 am |
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xboxundone
Senior Member
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this would also depend on how you plan to spend your retirement........
and what your age is?
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Sat Jan 01, 2005 3:14 am |
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jj4465
Member
Cash: $ 3.55
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Joined: 27 Dec 2004
Location: Nebraska
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this is for my parents....they are very conservative and they are both 57. They will get social security at I believe 59 and a half? Most of the reports I have seen say that people arent saving as much as they need. Also most of the totals seem to be under $500,000. I was just wondering if $500,000 is reasonable for us and how it ranks with other retiree's total savings. THANKS
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Sat Jan 01, 2005 6:50 am |
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xboxundone
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Cash: $ 67.83
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quote:
Originally posted by jj4465
this is for my parents....they are very conservative and they are both 57. They will get social security at I believe 59 and a half? Most of the reports I have seen say that people arent saving as much as they need. Also most of the totals seem to be under $500,000. I was just wondering if $500,000 is reasonable for us and how it ranks with other retiree's total savings. THANKS
Well it depends on what they want to do while they are retired.... You said that doesnt include home and cars.... are they planning on keeping them or will they be down grading....
If they are going to retire soon they need to start living like they are retired as most people say they can live on less money but many find out it is not enough.... and in turn to help many get part time jobs which is not a bad idea as it ensures your moeny will last longer!! 
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Sat Jan 01, 2005 2:50 pm |
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LottomagicZ4941
Senior Member
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Location: Earth
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I want to get up to 1 Million but I don't think I'm going to make it some days. Then I remember to add in the houses.
Those of us who have assets are in the minority.
Most people are worth more at 18 then in thier senior years. Or did the life insurance company I represent lie to me?
The company I worked for claimed that only 6% were well off. Can't remember the amout that were dependent on family/friends or charity but it was a bigger chunnk than this.
I think 2% are very well off. The cliche' was "most people don't plan to fail they fail to plan."
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Tue Jan 04, 2005 8:10 am |
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BlankenshipFP
Money Talk Advisor
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Location: Illinois
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First off - your folks won't likely be taking Social Security at age 59.5 unless they are disabled. I believe the age for full benefits is 67 at this point. They will be eligible for partial benefits at age 62.
Secondly, the $500k that you quote would throw off approximately $25,000 in income from a bond paying 5% per year. As you can see, what's important here is what is needed to live on - what are the annual living expenses that your folks need to cover with this money? If it's substantially greater than that $25,000, I'd say some adjustments need to be made.
Lastly, back to your original question, your folks are probably in better shape than most people at this point in their lives, financially speaking. I read somewhere recently that the average 50-year-old has less than $100,000 in a 401(k) account, for example.
Hope this helps -
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
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Tue Jan 04, 2005 12:31 pm |
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Keiron.A.Graffie
Full Member
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Location: Trenton,New Jersey,USA
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mean: 100 thou
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Tue Feb 22, 2005 5:38 pm |
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lowbrow
Contributing Member
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Joined: 08 Feb 2005
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Well I'm 35 and my net worth is about -30k. 
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Wed Feb 23, 2005 2:56 pm |
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DayTradeCME
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Like stated before, life style is the main concern. If the house and cars are paid off and they plan on styaing there forever and never buying a new car, that would make a big difference than if they plan on downgrading or eventually trying to upgrade.
That being said, one of the big beliefs is that people wont need as much income in their retierd years as they will in their working years. I dont believe that. Once you factor in inflation and the fact that the avg life expectancy is increasing so significantly it is obvious you will need more income as time goes on. The other thing that concerns me with this belief is... Do you spend more on the weekends or during the week? If your like me, you spend more on the weekends, eating out, vacations with the family, etc... Well when you are retired, every day is a weekend.
Which brings us back to the question of life style. How do you want to spend retirement?
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Thu Feb 24, 2005 5:31 pm |
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