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Age and Net Worth of People You Know Who Retired

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Age and Net Worth of People You Know Who Retired

Old 10-30-2019, 12:47 PM
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Default Age and Net Worth of People You Know Who Retired

Hi,

Think of people you know who have retired...

How old were they at retirement and what do you think their net worth was at retirement?

Thx
Old 10-30-2019, 12:52 PM
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My Dad retired at 55 with everything paid off (house, car, truck, RV) an about $1mm in stocks and such. Still going strong at 69. They do not live an extravagant lifestyle at all, but they travel and enjoy life.
Old 10-30-2019, 12:54 PM
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Originally Posted by cwhite6 View Post
My Dad retired at 55 with everything paid off (house, car, truck, RV) an about $1mm in stocks and such. Still going strong at 69. They do not live an extravagant lifestyle at all, but they travel and enjoy life.
Pension(s)?
Old 10-30-2019, 01:14 PM
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Originally Posted by HS2300 View Post
Pension(s)?
No. I believe he did get some sort of lump some payout when he retired. He also owned a great deal of Exxon stock (he worked there 35 years) that he constantly bought throughout his career. Exxon did allow him and Mom to continue their health insurance until 65 for reasonable rates. His dividends paid him good money. He did sell a bunch and invest it in other vehicles. He is making a killing on Apple stock at the moment. Once your house note, and vehicles are paid off, it does not take that much to live a simple, happy life. They travel pulling their travel trailer with my Dad’s 14 year old F250 which still runs and looks great. They have never been extravagant people, so their retirement suits them He did recently sell some stock to pay for them to do a Viking Cruise in Europe next year. I am happy for them. I told them my sister and I do not want their money when they die. They need to enjoy themselves after working themselves hard their whole lives.
Old 10-30-2019, 01:19 PM
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Originally Posted by cwhite6 View Post
My Dad retired at 55 with everything paid off (house, car, truck, RV) an about $1mm in stocks and such. Still going strong at 69. They do not live an extravagant lifestyle at all, but they travel and enjoy life.
This is exactly my plan with a part time gig at Home Depot or Wawa to help pay for health insurance.
Old 10-30-2019, 01:26 PM
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Originally Posted by HS2300 View Post
Hi,
Think of people you know who have retired...
How old were they at retirement and what do you think their net worth was at retirement?
Thx
Monthly income is a huge part of it. SS payments and pensions can make a big difference.

If you get a small pension, can enroll in tricare, and have no debts, I don't think you'd need much.

Healthcare is going to be the biggest wildcard.

Last edited by jobowker; 10-30-2019 at 01:31 PM.
Old 10-30-2019, 01:27 PM
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Originally Posted by HS2300 View Post
Hi,

Think of people you know who have retired...

How old were they at retirement and what do you think their net worth was at retirement?

Thx
Why net worth as a barometer?
Old 10-30-2019, 01:45 PM
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I don't know the net worth of anyone who retired.
None of my business!
Old 10-30-2019, 01:46 PM
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Originally Posted by aubv View Post

Why net worth as a barometer?
Just a measure I picked.
Old 10-30-2019, 01:51 PM
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If I make it to 80 years old (I doubt I will)...I'll still be working, with a network of -1 mil.
Old 10-30-2019, 01:52 PM
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Sorry never occurred to me it was any of my business, you writing a book?
Old 10-30-2019, 02:08 PM
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Originally Posted by HS2300 View Post
Just a measure I picked.
Are you simply trying to gauge your net worth(projected?) to others at retirement?


Someone might have a house worth $750,000 and $500,000 in the bank, for total net worth of $1,250,000.
Someone else might have a house worth $100,000 and $1,150,000 in the bank, for a total net worth of $1,250,000.
Without that detail, how does net worth, as a measure, have any value?
Old 10-30-2019, 02:12 PM
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Ironically enough, the wealthiest people I know are 65 or older, still working, and the wealthiest.

I have one client who is pushing 70 and has a net worth of $250-$300 million.
Old 10-30-2019, 02:15 PM
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one of my fraternity brothers retired in his mid 30's

he inherited somewhere between 120-180M (possibly more none of us now for sure and don't ask)

Dad died, then like a month later his Mom died, they were pretty well off folks.

OTOH

I had a friend and client, early 60's, who was making $80M a year (he had 3 brand new jets, and I mean brand new) and told me he would retire when he got to $100M a year

couple weeks later he dropped dead with no warning, he was a super good guy, he was about to gift me 2.1 million miles as he would never fly commercial again

just food for thought
Old 10-30-2019, 02:16 PM
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Hankins is a fookin billionaire.

Big Al
Old 10-30-2019, 02:17 PM
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Originally Posted by aubv View Post

Are you simply trying to gauge your net worth(projected?) to others at retirement?


Someone might have a house worth $750,000 and $500,000 in the bank, for total net worth of $1,250,000.
Someone else might have a house worth $100,000 and $1,150,000 in the bank, for a total net worth of $1,250,000.
Without that detail, how does net worth, as a measure, have any value?
The allocation of one's Net Worth is up to them (of course). However, it seems to me that someone with $750k house and $500k in the bank likely isn't going to retire. Whereas someone with $100k house and $1,150,000 in the bank may very well retire. Point being in at least one case, someone felt that $1,250,000 was enough for them to retire.
Old 10-30-2019, 02:18 PM
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Originally Posted by Snapper Head View Post
Hankins is a fookin billionaire.

Big Al
I wish.

I'd have to hit the powerball a few times in a row lol.

But I know some pretty interesting folks, some poor, some rich.
Old 10-30-2019, 03:38 PM
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Big question is not so much net worth { none of my business } but where you live. I’m on Long Island and I am sure I am paying 3 times more in home taxes then anywhere else I could live. But I like it here so I will continue to work. I also have a bit of a boat sickness which can’t be cured. Net worth by itself is not a indicator of anything.
Old 10-30-2019, 04:16 PM
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Richest guy i know is this creepy old dude that walks around the neighborhood in a Speedo and a bourbon in hand. Day or night, rain or shine, creepy old
rich dude cruising around in his gold foil Speedo. They call him SnappaHed or something.
Old 10-30-2019, 04:25 PM
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Originally Posted by TheBigWhit View Post
Richest guy i know is this creepy old dude that walks around the neighborhood in a Speedo and a bourbon in hand. Day or night, rain or shine, creepy old
rich dude cruising around in his gold foil Speedo. They call him SnappaHed or something.
You're thinking of the southern comfort commercial.

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