I just want to know how people have saved at 50, 55, 60. This is not a theoretical question, and has nothing to do with people's expenses. It's a simple question - how much did you have at 50, 55, 60 ... I have no interest knowing your expenses at all. The fact that you have savings at 50, 55, and 60 means you are spending less than you are earning - that's self-explanatory. That's why expenses are of no interest to me.
But how can knowing a simple figure like that help you at all? If I told you that at the age of 50 (I'm not quite 50 yet, but for the purposes of this argument, let's assume I am already 50) I had saved 1M, that wouldn't represent as much of an achievement if my salary was 500K/yr as it would if it were 50K/yr.I just want to know how people have saved at 50, 55, 60. This is not a theoretical question, and has nothing to do with people's expenses. It's a simple question - how much did you have at 50, 55, 60 ... I have no interest knowing your expenses at all. The fact that you have savings at 50, 55, and 60 means you are spending less than you are earning - that's self-explanatory. That's why expenses are of no interest to me.
The poster could be trolling or just want to measure how he or she is doing versus the rest of us but did not provide any context. The poster does come accross as just plain nosy.Don't see any purpose to your question. We discuss retirement issues largely, not answer nosy questions that don't have any basis or background.
Yes, $1M is a nice round figure that works well for all sorts of purposes, as in -It's a good question but a little friendly intro goes a long way,around here. I don't post much but I am a longtime member. My guess would be that by 50, the average poster here would have saved $1MM. Like I said, purely a guess but I think a good one.
Don't see any purpose to your question. We discuss retirement issues largely, not answer nosy questions that don't have any basis or background.
I vote for the latter. If you've got X amount of dollars it can be interesting to know where you stand in relation to others, even if it's not of much use at all in telling you whether it will be of any help in your particular situation.The poster could be trolling or just want to measure how he or she is doing versus the rest of us but did not provide any context.
The poster could be trolling or just want to measure how he or she is doing versus the rest of us but did not provide any context. The poster does come accross as just plain nosy.
I vote for the latter. If you've got X amount of dollars it can be interesting to know where you stand in relation to others, even if it's not of much use at all in telling you whether it will be of any use in your particular situation.
What most here would want you to do (I'm pretty sure) is to benchmark yourself against your own wants and needs as opposed to those belonging to the people around you. That's why I mentioned the rule of thumb that having 25-30 times your expected income in retirement is a good target to aim for, unless you will have extra sources of income such as a pension/SS etc. in which case you may need less.People ask these question to benchmark themselves if they have saved enough.
Yes, $1M is a nice round figure that works well for all sorts of purposes, as in -
"I wish I had a million dollars"
"I need a million dollars to retire"
"If only I had another million dollars"
"A million dollars isn't what it used to be"
Frank Sinatra, Celeste Holme, 'Who Wants to be a Millionaire - YouTube
PS - It's completely OK if you're an investing or retirement planning newbie cyber888, but if you can give a bit more information, there are plenty here who will be willing to spend quite a bit of time helping out. We'd just like to see a bit of effort on your part first (at least, that's my take.)
How much you have saved is indeed a big issue but it means virtually nothing unless it is evaluated in the context of how much income you will need to withdraw in retirement. I'd be over the moon to have 2 million, but I think that Donald Trump would be a lot less happyAnd YES - how much you save at 50, 55, 60 is big retirement issue at large. So I disagree with you on all counts. If you don't have anything useful to say to a new user, then please don't.
Sorry if I came across as overly combative. The advice that newcomers often receive here is that Firecalc is a very useful tool for estimating how much income you can withdraw from a portfolio.Context: I live in NC, so I don't need much. I can survive on $30K-$35K a year. My networth is about $600K+ with about $140K tied to the house, and I'm still in my 40s, so that's why I'm trying to find out what people have saved at 50, 55, 65.
The movie this scene is taken from, High Society, was made in 1956. A $1MM then would be worth about $9MM now.
How much you have saved is indeed a big issue but it means virtually nothing unless it is evaluated in the context of how much income you will need to withdraw in retirement. I'd be over the moon to have 2 million, but I think that Donald Trump would be a lot less happy