Question about net worth, please advise.

[masayako]

Hi there,
With inflation and all the uncertainty of today’s economy, can the Piggs educate me about how much net worth one person should have at a certain age to consider ‘on-par’ or okay for retirement?

I’m in my mid-30s now and I think I have about 600k (including everything cash or asset). Am I on track? Am I behind? I don’t really get a chance to talk about this with friends because we usually don’t get too involved in this subject.

Another reason I want to know about this is because I don’t really think my wife & I can both stay employee until my 60’s so I want to the money needed (save more now) before it’s too late.

Any advice is appreciated.

Thanks.

[cvmom]

You’re probably not doing too badly–but so much depends on your dependents, the lifestyle you want in retirement, whether or not Social Security and (especially) Medicare will exist in 20 years, etc.

One thing I would suggest is to pull up one of the many retirement savings calculators that are online and run your numbers.

[cvmom]

You’re probably not doing too badly–but so much depends on your dependents, the lifestyle you want in retirement, whether or not Social Security and (especially) Medicare will exist in 20 years, etc.

One thing I would suggest is to pull up one of the many retirement savings calculators that are online and run your numbers.

[cvmom]

You’re probably not doing too badly–but so much depends on your dependents, the lifestyle you want in retirement, whether or not Social Security and (especially) Medicare will exist in 20 years, etc.

One thing I would suggest is to pull up one of the many retirement savings calculators that are online and run your numbers.

[cvmom]

You’re probably not doing too badly–but so much depends on your dependents, the lifestyle you want in retirement, whether or not Social Security and (especially) Medicare will exist in 20 years, etc.

One thing I would suggest is to pull up one of the many retirement savings calculators that are online and run your numbers.

[cvmom]

You’re probably not doing too badly–but so much depends on your dependents, the lifestyle you want in retirement, whether or not Social Security and (especially) Medicare will exist in 20 years, etc.

One thing I would suggest is to pull up one of the many retirement savings calculators that are online and run your numbers.

[UCGal]

Agree with cvmom. There are some good retirement calculators out there… some are pretty in depth about *all* sources of income (including possible rental income, pensions, etc.) Others are very superficial.

I obsess about retirement. Seriously obsess. Constantly running “what if” calculations. My favorite tool is one built into quicken. But you have to buy quicken to get it.

Here are some calculators and sites I like:

decent overview article:
http://money.cnn.com/2002/12/16/pf/expert/ask_expert/index.htm

SS estimator:
http://www.socialsecurity.gov/OACT/anypia/index.html

retirement calculators:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

https://www3.troweprice.com/ric/ricweb/public/ric.do

http://www.schwab.com/public/schwab/planning/retirement/retirement_savings_calculator

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

https://personal.vanguard.com/us/insights/retirement/retirement-tools
(calculator is pretty lame. no variables)

Also to consider… you talk about your net worth, all in. I assume that includes equity in your home. Do you plan to sell the home at retirement, or still live there? Some people plan on downsizing, or selling and renting. Others plan on retiring in place. You need to adjust accordingly. Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.

[UCGal]

Agree with cvmom. There are some good retirement calculators out there… some are pretty in depth about *all* sources of income (including possible rental income, pensions, etc.) Others are very superficial.

I obsess about retirement. Seriously obsess. Constantly running “what if” calculations. My favorite tool is one built into quicken. But you have to buy quicken to get it.

Here are some calculators and sites I like:

decent overview article:
http://money.cnn.com/2002/12/16/pf/expert/ask_expert/index.htm

SS estimator:
http://www.socialsecurity.gov/OACT/anypia/index.html

retirement calculators:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

https://www3.troweprice.com/ric/ricweb/public/ric.do

http://www.schwab.com/public/schwab/planning/retirement/retirement_savings_calculator

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

https://personal.vanguard.com/us/insights/retirement/retirement-tools
(calculator is pretty lame. no variables)

Also to consider… you talk about your net worth, all in. I assume that includes equity in your home. Do you plan to sell the home at retirement, or still live there? Some people plan on downsizing, or selling and renting. Others plan on retiring in place. You need to adjust accordingly. Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.

[UCGal]

Agree with cvmom. There are some good retirement calculators out there… some are pretty in depth about *all* sources of income (including possible rental income, pensions, etc.) Others are very superficial.

I obsess about retirement. Seriously obsess. Constantly running “what if” calculations. My favorite tool is one built into quicken. But you have to buy quicken to get it.

Here are some calculators and sites I like:

decent overview article:
http://money.cnn.com/2002/12/16/pf/expert/ask_expert/index.htm

SS estimator:
http://www.socialsecurity.gov/OACT/anypia/index.html

retirement calculators:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

https://www3.troweprice.com/ric/ricweb/public/ric.do

http://www.schwab.com/public/schwab/planning/retirement/retirement_savings_calculator

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

https://personal.vanguard.com/us/insights/retirement/retirement-tools
(calculator is pretty lame. no variables)

Also to consider… you talk about your net worth, all in. I assume that includes equity in your home. Do you plan to sell the home at retirement, or still live there? Some people plan on downsizing, or selling and renting. Others plan on retiring in place. You need to adjust accordingly. Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.

[UCGal]

Agree with cvmom. There are some good retirement calculators out there… some are pretty in depth about *all* sources of income (including possible rental income, pensions, etc.) Others are very superficial.

I obsess about retirement. Seriously obsess. Constantly running “what if” calculations. My favorite tool is one built into quicken. But you have to buy quicken to get it.

Here are some calculators and sites I like:

decent overview article:
http://money.cnn.com/2002/12/16/pf/expert/ask_expert/index.htm

SS estimator:
http://www.socialsecurity.gov/OACT/anypia/index.html

retirement calculators:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

https://www3.troweprice.com/ric/ricweb/public/ric.do

http://www.schwab.com/public/schwab/planning/retirement/retirement_savings_calculator

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

https://personal.vanguard.com/us/insights/retirement/retirement-tools
(calculator is pretty lame. no variables)

Also to consider… you talk about your net worth, all in. I assume that includes equity in your home. Do you plan to sell the home at retirement, or still live there? Some people plan on downsizing, or selling and renting. Others plan on retiring in place. You need to adjust accordingly. Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.

[UCGal]

Agree with cvmom. There are some good retirement calculators out there… some are pretty in depth about *all* sources of income (including possible rental income, pensions, etc.) Others are very superficial.

I obsess about retirement. Seriously obsess. Constantly running “what if” calculations. My favorite tool is one built into quicken. But you have to buy quicken to get it.

Here are some calculators and sites I like:

decent overview article:
http://money.cnn.com/2002/12/16/pf/expert/ask_expert/index.htm

SS estimator:
http://www.socialsecurity.gov/OACT/anypia/index.html

retirement calculators:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

https://www3.troweprice.com/ric/ricweb/public/ric.do

http://www.schwab.com/public/schwab/planning/retirement/retirement_savings_calculator

https://personal.vanguard.com/us/insights/retirement/saving/set-retirement-goals

https://personal.vanguard.com/us/insights/retirement/retirement-tools
(calculator is pretty lame. no variables)

Also to consider… you talk about your net worth, all in. I assume that includes equity in your home. Do you plan to sell the home at retirement, or still live there? Some people plan on downsizing, or selling and renting. Others plan on retiring in place. You need to adjust accordingly. Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.

[briansd1]

[quote=UCGal] Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.[/quote]

What about retiring in Italy? That’s a nice retirement location.

[briansd1]

[quote=UCGal] Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.[/quote]

What about retiring in Italy? That’s a nice retirement location.

[briansd1]

[quote=UCGal] Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.[/quote]

What about retiring in Italy? That’s a nice retirement location.

[briansd1]

[quote=UCGal] Personally, I plan on retiring where I am, so I do *not* include my home equity in my retirement calculations. I need the shelter more than the equity.[/quote]

What about retiring in Italy? That’s a nice retirement location.

[Author]

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