Average Net Worth of Retirees at 55 64 Not What You Think
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- čas přidán 9. 09. 2024
- What is the average net worth of retirees at 55-64? Today we discuss how you compare.
Remember we believe it doesn't matter as long as you live below your means. You need to spend less than you earn.
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WE ARE NOT FINANCIAL ADVISORS. WE ARE NOT GIVING FINANCIAL ADIVCE. THIS VIDEO IS JUST OUR PERSONAL EXPERIENCE ONLY. SEEK YOUR OWN PROFESSIONAL ADVICE.
Good video. Thanks!
We retired two years ago with no debt. Feels really good!
Yay! Living the dream.
That's an interesting perspective on "wealthy." Surprisingly (to me), my income is more than when I was working. I don't consider myself wealthy but I own my own home outright (bought 28 years ago for cash) have a small car payment below market rates that has a year until paid off, one credit card that gets paid off in full each month and invest 3/4ths of my retirement income each month. Any bill that hits the mailbox gets paid the same day it comes in. I look at my vintage motorcycle collection as an asset that grows in value over time. I retired 18 years ago at 54 1/2. Some people just can't handle money. The "pros" say that percentage is 65%, How sad. Watch and grow your money while living below your means is sage advice.
You sound wealthy to us! What an inspiration to hear your story
Good video. Thanks to the presenters for sharing. The concept of including the present value of pension and other entitlement payments to net worth is interesting as it explains how my parents and grandparents were able to retire comfortably with little liquid net worth. When you add the PV of pensions and entitlements, I realize that their net worth is within the general median net worth data points presented. Pensions, however, are mostly gone in the states and social security's long-term sustainability is in question to say the least. That means that my generation and those that follow will have to rely upon an adequate pool of investable liquid assets to fund their own retirements.
What is entitlement?
@@kare7840 I define entitlements as government payments or other benefits someone is entitled to under law based on age or other status. I was really referring to social security benefits available to retirees in the states in this context. I probably should have just stated that instead of using the word entitlement.
Thanks! I feel better knowing that its at least possible to retire with a little less than a million dollars in my portfolio.
For sure!
I'm 54 and have over 6.5 million with zero liabilities.
I rent an apartment. 2 million of that is in an IRA that I can't touch until 59.5.
I have mostly cash and bonds make around 200k a year. After taxes, it comes out to around 12k a month net. I definitely don't feel rich...
I am retired.
move
Meredith Whitney describes it as the Maginot Line. Those on one side have wealth, those on the other do not. Currently about $70k of income. Those peeps are suffering.
Good info! We'll look her up and see what she has to say
Thank you
You're welcome
Retire in the Philippines. Live like a king on $2,000/mo budget.
We heard the cost of living is low there! Sounds nice
But you cant drink the water .
Like most Americans you can buy bottlewater at grocery store.
@@rda9441 @ In America its really nice to just have drinking water inside your home . Please rda9441 don't compare buying a bottle versus the convenience of a water spicket .
HI, I am a single 72 year old man, NO DEBT at all, current yearly income in between $72,000.00 and $76,000.00, with a monthly living expense of about $3,000.00. I also have a financial portfolio of $1.5million and a no mortgage house worth currently of about $475,000.00. So where do I stand with My life?
You should be very proud of where you stand! Congratulations.
you will be dead 30 years from now. Start making a difference
Is the median net worth per single person or a married couple ? EX: $364,500 times 2 equals $729,000. Thanks.
It’s household worth
@@OurRetirementJourneyYou sound English ? Good advice thanks ,very hard to put a price on peoples living as everyone is so different. But we enjoy the simple things in life beach walks ,reading etc and have no debt so I guess we are wealthy as we are financially independent and not worried about paying the normal bills etc.
We love being debt free! We don’t care about our net worth, we only care about our cash & retirement assets. Cars and Homes are only worth what someone will pay for it minus the fees to sell it.
Debt free is peace of mind! Well done.