Question about net worth, please advise.

[flyer]

You are certainly doing very well, but, at your age, many variables, as have been previously mentioned, must be considered.

In my age group (50’s), generally speaking, I agree with $2MM–excluding real estate–especially if you plan to retire in CA. For those in their 30’s, I would think $3MM+ might be more realistic, especially since I’ve heard from younger friends, that many financial planners today are telling their clients in their 30’s and 40’s to plan on $0 Social Security and Medicare.

The trick to all of this, is, of course, to actually get to retirement–the next phase of life, or whatever each of us might choose to call it with these reserves still intact, and the health to enjoy life at that particular point it time.

I wish you the best on your journey!

[Eugene]

[quote=AN]I’ve heard similar stats too. But average Americans will depend on SS to retire.[/quote]

Obviously, SS will be insufficient to afford a retirement in Del Mar. If you want to retire in the 98th percentile, you have to have a nest egg in the 98th percentile.

But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.

[Eugene]

[quote=AN]I’ve heard similar stats too. But average Americans will depend on SS to retire.[/quote]

Obviously, SS will be insufficient to afford a retirement in Del Mar. If you want to retire in the 98th percentile, you have to have a nest egg in the 98th percentile.

But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.

[Eugene]

[quote=AN]I’ve heard similar stats too. But average Americans will depend on SS to retire.[/quote]

Obviously, SS will be insufficient to afford a retirement in Del Mar. If you want to retire in the 98th percentile, you have to have a nest egg in the 98th percentile.

But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.

[Eugene]

[quote=AN]I’ve heard similar stats too. But average Americans will depend on SS to retire.[/quote]

Obviously, SS will be insufficient to afford a retirement in Del Mar. If you want to retire in the 98th percentile, you have to have a nest egg in the 98th percentile.

But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.

[Eugene]

[quote=AN]I’ve heard similar stats too. But average Americans will depend on SS to retire.[/quote]

Obviously, SS will be insufficient to afford a retirement in Del Mar. If you want to retire in the 98th percentile, you have to have a nest egg in the 98th percentile.

But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.

[an]

[quote=Eugene]But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.[/quote]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. Think about it, if you have enough money to pay off a house and still have $2M in cash to spend during your retirement, why does it matter if it’s a house in Del Mar or a house in Escondido? It probably end up being cheaper to live in a 1000 sq-ft house in Del Mar than a 4000 sq-ft house in Escondido.

[an]

[quote=Eugene]But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.[/quote]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. Think about it, if you have enough money to pay off a house and still have $2M in cash to spend during your retirement, why does it matter if it’s a house in Del Mar or a house in Escondido? It probably end up being cheaper to live in a 1000 sq-ft house in Del Mar than a 4000 sq-ft house in Escondido.

[an]

[quote=Eugene]But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.[/quote]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. Think about it, if you have enough money to pay off a house and still have $2M in cash to spend during your retirement, why does it matter if it’s a house in Del Mar or a house in Escondido? It probably end up being cheaper to live in a 1000 sq-ft house in Del Mar than a 4000 sq-ft house in Escondido.

[an]

[quote=Eugene]But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.[/quote]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. Think about it, if you have enough money to pay off a house and still have $2M in cash to spend during your retirement, why does it matter if it’s a house in Del Mar or a house in Escondido? It probably end up being cheaper to live in a 1000 sq-ft house in Del Mar than a 4000 sq-ft house in Escondido.

[an]

[quote=Eugene]But it is somewhat bizarre to see people mentioning Del Mar and dumpster-diving in the same thread.[/quote]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. Think about it, if you have enough money to pay off a house and still have $2M in cash to spend during your retirement, why does it matter if it’s a house in Del Mar or a house in Escondido? It probably end up being cheaper to live in a 1000 sq-ft house in Del Mar than a 4000 sq-ft house in Escondido.

[Eugene]

[quote=AN]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. [/quote]

It represents the lack of perspective. Just like people show the lack of perspective when they show concern over federal debt and demand spending cuts now lest we become Italy/Greece. When the real danger is for us to become Japan. But I digress.

Most Americans won’t retire in a condo in Del Mar or in a 4000 sq ft house, or go dumpster diving. The question as originally posed was “how much is okay for retirement?”. The answer to that question is zero. There is a senior apartment complex not far from where I live. I’m fairly sure that, if I were 65 right now, I’d be able to afford to live there on my SS benefits with no savings whatsoever. And I wouldn’t even have to move to a lower cost-of-living state. I don’t think that SS or Medicare will get rolled back substantially by 2040, because the majority of Americans don’t have enough savings to last more than a year or two without SS and Medicare. And seniors vote. They will saddle their grandchildren with whatever taxes necessary to ensure retirement that does not involve dumpster-diving or eating cat food.

Then at some point “how much is okay for retirement” somehow got twisted into “how much is okay for retirement in Del Mar”, which is the spectral opposite of the original question.

And the bizarre part, I guess, is that people continue the discussion without blinking an eye.

[Eugene]

[quote=AN]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. [/quote]

It represents the lack of perspective. Just like people show the lack of perspective when they show concern over federal debt and demand spending cuts now lest we become Italy/Greece. When the real danger is for us to become Japan. But I digress.

Most Americans won’t retire in a condo in Del Mar or in a 4000 sq ft house, or go dumpster diving. The question as originally posed was “how much is okay for retirement?”. The answer to that question is zero. There is a senior apartment complex not far from where I live. I’m fairly sure that, if I were 65 right now, I’d be able to afford to live there on my SS benefits with no savings whatsoever. And I wouldn’t even have to move to a lower cost-of-living state. I don’t think that SS or Medicare will get rolled back substantially by 2040, because the majority of Americans don’t have enough savings to last more than a year or two without SS and Medicare. And seniors vote. They will saddle their grandchildren with whatever taxes necessary to ensure retirement that does not involve dumpster-diving or eating cat food.

Then at some point “how much is okay for retirement” somehow got twisted into “how much is okay for retirement in Del Mar”, which is the spectral opposite of the original question.

And the bizarre part, I guess, is that people continue the discussion without blinking an eye.

[Eugene]

[quote=AN]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. [/quote]

It represents the lack of perspective. Just like people show the lack of perspective when they show concern over federal debt and demand spending cuts now lest we become Italy/Greece. When the real danger is for us to become Japan. But I digress.

Most Americans won’t retire in a condo in Del Mar or in a 4000 sq ft house, or go dumpster diving. The question as originally posed was “how much is okay for retirement?”. The answer to that question is zero. There is a senior apartment complex not far from where I live. I’m fairly sure that, if I were 65 right now, I’d be able to afford to live there on my SS benefits with no savings whatsoever. And I wouldn’t even have to move to a lower cost-of-living state. I don’t think that SS or Medicare will get rolled back substantially by 2040, because the majority of Americans don’t have enough savings to last more than a year or two without SS and Medicare. And seniors vote. They will saddle their grandchildren with whatever taxes necessary to ensure retirement that does not involve dumpster-diving or eating cat food.

Then at some point “how much is okay for retirement” somehow got twisted into “how much is okay for retirement in Del Mar”, which is the spectral opposite of the original question.

And the bizarre part, I guess, is that people continue the discussion without blinking an eye.

[Eugene]

[quote=AN]
Why is it bizarre? It’s from two different points and they’re not related/responded to each other. [/quote]

It represents the lack of perspective. Just like people show the lack of perspective when they show concern over federal debt and demand spending cuts now lest we become Italy/Greece. When the real danger is for us to become Japan. But I digress.

Most Americans won’t retire in a condo in Del Mar or in a 4000 sq ft house, or go dumpster diving. The question as originally posed was “how much is okay for retirement?”. The answer to that question is zero. There is a senior apartment complex not far from where I live. I’m fairly sure that, if I were 65 right now, I’d be able to afford to live there on my SS benefits with no savings whatsoever. And I wouldn’t even have to move to a lower cost-of-living state. I don’t think that SS or Medicare will get rolled back substantially by 2040, because the majority of Americans don’t have enough savings to last more than a year or two without SS and Medicare. And seniors vote. They will saddle their grandchildren with whatever taxes necessary to ensure retirement that does not involve dumpster-diving or eating cat food.

Then at some point “how much is okay for retirement” somehow got twisted into “how much is okay for retirement in Del Mar”, which is the spectral opposite of the original question.

And the bizarre part, I guess, is that people continue the discussion without blinking an eye.

[Author]

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