if you are 36 years old.?

Question

I have 500,000.00 saved and would like to know how much more I need to save to retire at 55 or 60. Is that a good savings for a 36 year old ? What is the average savings of someone in their 30's ?
I just dont know how I'm doing in comparison with the rest of the mid 30 year olds in the US. What do you think ?

Answer 1

Calculate your net worth. It's how much you have minus how much you owe. If you owed $7,000 on a credit card, then your networht would be $493000. Let's assume you have no debt. The median networth for a single individual in your age range is $60,000. You are way ahead of them. In fact, you are in the top 5%. The top 1% have over a million. The median net worth of a family (two income) in the US is around $150,000. You are kicking ***. Doing a simple calc w/ the numbers given, You'll have $2,157,850.53 in the bank by age 55 assuming an 8% return on investments. The only place to get that kind of return is the stock market. Keep in mind inflation. Two million will not be worth as much in 19 yrs when you retire. How did you get so much money w/out knowing more about money???? Please tell me your secret :)

Answer 2

Now you should use that money to purchase a burger king and collect rent for the next 20 years.

Answer 3

I think that is awesome! I wish I had 500 saved, let alone 500,000. I think you should really be proud of yourself!

Answer 4

good on you...can you buy me a bed?

i think you are doing good...invest well by having a financial advisor...good luck with all that money...i would have probably retired by now at 31 if i have that...lol

Answer 5

i think you should invest a good portion of that in the stock market, online banks, cd's etc....the more the better.

Answer 6

you know how you are doing. you just want us to tell you that you are in the top 1%