average net worth based on age

[disneysteve]

The million dollar mark isn't far off. Year and change maybe? Quite a milestone to reach.

Largely depends on the stock market, of course.

Also, some of that net worth includes money in DD's 529 which will be spent over the next year. Once the 529 money is gone, we'll be spending more current income on college costs and putting less into savings for a couple of years.

So the $1 million mark isn't quite that close.

[Bob B.]

I'm 42, DW is 40. 235K. According to the CNN piece, we're ready to retire.

[disneysteve]

I'm 42, DW is 40. 235K. According to the CNN piece, we're ready to retire.

Well you could be if you could also both collect full SS benefits and your expenses were low enough.

My mom is retired and doesn't have any more than that. Might even be less.

[Bob B.]

1. I wasn't serious anyway.
2. A millisecond after I clicked Submit Reply, I thought, yeah except for SS.

[Reggie]

Well, I read to include the present value of any pensions so in that case we are $3m easy....but I don't really think that is very representative since we only get checks each month from hubby's military retirement so...much closer to $1.5 or so. I just turned 40 last year and he's 46.

We are retiring early tho so we are saving like mad!

And we both married well. Both frugal with above average incomes.

[autoxer]

Age 36, DW 32, Net worth just crossed $600k last month. My goal is to have enough saved to retire by age 50, so we have been saving roughly 40% of our gross income.

[Goldy]

31 and 31 here with 933k in net worth. Dual income and a nice 401k match are a few of the things that have helped us.

[retireby55]

Ok, this is a dumb question.

To calculate net worth, I know you subtract your assets from your debts. How to you calculate the net worth of your house?

My mortgage is $400k, and Zillow estimates that my house is worth $650K, so do I add $250K to my asset??? OR do I just add whatever equity I already house on the house. I bought it for $550K, so I should add $150K to my asset?

[Nutria]

Ok, this is a dumb question.

To calculate net worth, I know you subtract your assets from your debts.

No... just the opposite!

If you have $100K of stuff, and owe $90K on that stuff, then your net worth is $100-90 = $10K.

How to you calculate the net worth of your house?

My mortgage is $400k, and Zillow estimates that my house is worth $650K, so do I add $250K to my asset??? OR do I just add whatever equity I already house on the house. I bought it for $550K, so I should add $150K to my asset?

None of the above.

Subtract your current mortgage balance from Zillow's estimate. So, if the balance due on the mortgage is $300K, then the net worth is $650K - 300 = $350K.

Actually, I'd deduct 10% from Zillow's estimate and then subtract your mortgage balance. ($650K - (650K x 0.10)) - 300 = $285K.

[rigz]

We are 38 & 36.

Net worth between 1.1 mill - 1.2 mill

Includes liquid, retirement, and our house equity

[Gina23]

I'm 35, better half is 35

Singular: 625k
Singular w/ pension: 805k

Together: 945k


All self-earned.

I'm always amazed at the national averages as we feel like we are still way behind where we need to be to feel financially independent.

[Nutria]

I'm 35, better half is 35

Singular: 625k
Singular w/ pension: 805k

Singular?

[rigz]

I'm 35, better half is 35

Singular: 625k
Singular w/ pension: 805k

Together: 945k


All self-earned.

I'm always amazed at the national averages as we feel like we are still way behind where we need to be to feel financially independent.

With that net worth and your age, you feel "way behind"?

How much would you need to feel on track?

[Nutria]

With that net worth and your age, you feel "way behind"?

Spend-thrift friends?

Millionaire friends?

Watches too much Lifestyles Of The Rich And Famous?

[Gina23]

Spend-thrift friends?

Millionaire friends?

Watches too much Lifestyles Of The Rich And Famous?

Not at all... high stress job that is going to kill me if I don't retire early. I'm in survival mode.