|
|
11-23-2009, 11:05 AM
|
#81
|
Full time employment: Posting here.
Join Date: Aug 2005
Location: Philly 'burbs
Posts: 547
|
Guess I'm in the vast minority. House equity (paid off house) is around 50-55% of our net worth.
But at least we're going in the right direction -- at the beginning of 2009 it was more like 63%.
I have calculated that between house upkeep, 4% SWR on the house equity, property taxes, etc. that what we've got is equivalent to $2,000 in rent. In other words, if we sold our house, put the proceeds in a diversified portfolio, and rented something for $2k/month our net finances would basically look the same. That doesn't include fluctuating home prices, but it was still a useful exercise for me to go through to figure out how much my house "costs" me.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
11-23-2009, 11:51 AM
|
#82
|
Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,558
|
Quote:
Originally Posted by ProspectiveBum
I had a project at work at while back to put together a report on a customer's 401k data. In building that report, I could see the contribution levels of the 400-500 employees in the organization. Just from eyeballing it, I'd guesstimate that fewer than 10% were contributing the max, and the majority of those seemed to be older employees contributing up to "catch-up" limit of $21,500. Most of the contributions were very small ($2K - $3K per year).
The 401k consultant at my own company told me that I'm one of only 2 people at my ~20-person company contributing the max.
I do get concerned that by being responsible now, I'm going to get "punished" later in life, to help pay for the folks who haven't saved enough.
|
Very interesting stats - I still contribute the max and I'm only working part-time. My husband contributes the max as well....it's something that isn't negotiable. We'll go without the nice stuff in order to ensure we hit that max. He didn't do that before he married me, but he sure does now and loves looking at our portfolio (well, with the rough and tumble stock market, it sometimes astounds him to see the swings in our net worth).
If your small sample size is representative, then that 10% of those only contributing to the max means many will be working a lot longer, so perhaps SS won't take such a dive or be as bad as predicted with many still needing to work beyond normal retirement age (which is being slowly adjusted upward).
I think the 'punishment' is coming soon - just how bad it will be is the question andhow fast one can recover or adjust.
__________________
Deserat aka Bridget
“We sleep soundly in our beds because rough men stand ready in the night to visit violence on those who would do us harm.”
|
|
|
11-23-2009, 01:54 PM
|
#83
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
|
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|