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But you've only said that 7.5% will get a 6-figure inheritance, not that only 7.5% will get any inheritance at all. What are the % of people who get inheritances, regardless of how large or small? Where are these numbers coming from?
I would say that anyone who hasn't saved and isn't actively saving for retirement -or- won't have a decent inheritance is in a sad position. Pension plans faded away starting in the 80's. I think my first IRA was right around 1985 (or thereabouts). Among the worst would have to be the folks who got scammed and had their pensions turn to dust (Worldcom, Enron, etc) who were doing all the right things by saving but those companies were run by crooks.
Usually, "late boomer" is someone who missed the Vietnam war and draft. More like 1956-1964.
The data for late boomers is pretty frightening. At best, 30% to 40% will be OK in retirement and more than half of those are the ones with a defined-benefit pension from a public sector job.
I'm at my sister's house in Canada at the moment. Canada is having a discussion about increasing their pension system. They more or less have the same issue we're seeing in the US. Defined benefit pensions vanished. Social Security for most people puts them at the poverty level.
I would guess about $40k or so currently. Most of that is equity in my house (yes, some people actually still have equity). No other debt besides a mortgage. Just started really investing this year.
32, married, administrative, husband is a techie.
So I posted the above back in 2010 on page 2.
I've done pretty well since. House has appreciated substantially in the last 5 years, by about $50k, which is about 1/3 of the current value (not really a gain, just regaining the value it had lost in 2010). Beyond that, we've accumulated around $20k a year, which is about 50% of our net income. So not bad. I would estimate our net worth now at right around $200k. It would have been higher, but our IRAs did poorly this year, just about breaking even, with no real annual gains.
My wife and I are 33 and 35, I haven't worked in 8 years. Our combined net worth is about $1M. We lucked out by my wife starting her career as an attorney in 2008. Her 401(k) tripled in 3 years. In 2012, we bought the cheapest house in Newport Beach,Ca as a short-sale that had fallen out of escrow, its value has doubled since. It's better to be lucky than good.
Assets:
house
portfolios
retirement accounts & HSA
I've done pretty well since. House has appreciated substantially in the last 5 years, by about $50k, which is about 1/3 of the current value
Be careful how you view your net worth. You are including paper appreciation, not realized appreciation. People who thought that way before 2008 got themselves into trouble and it came crashing down in 2008.
Be careful how you view your net worth. You are including paper appreciation, not realized appreciation. People who thought that way before 2008 got themselves into trouble and it came crashing down in 2008.
Paper appreciation is real, as is paper depreciation. Appreciation doesn't need to be realized to make it real but that does improve the functionality of the appreciation
Thinking because the value of an investment vary's it isn' real is as silly a thought as thinking a job isn't real because you work on commission and you vary each day.
Your value is as real as anything else is at any given moment .
Be careful how you view your net worth. You are including paper appreciation, not realized appreciation. People who thought that way before 2008 got themselves into trouble and it came crashing down in 2008.
Nothing came down crashing for some of us. Not even down 10%. But I pay attention to my investments.
Be careful how you view your net worth. You are including paper appreciation, not realized appreciation. People who thought that way before 2008 got themselves into trouble and it came crashing down in 2008.
How else do you expect people to calculate their current net worth other than by estimating value of assets?
Net worth includes home equity, which, by definition is always going to be on paper, and not actual.
I would never take a cash out refi against assets unless it was an absolute crisis. Given that I have a secure emergency fund, 2 Roth IRAs that I could pull against first, and excellent health insurance, and that I live far below my means, I can't imagine getting to that point.
Our Net Worth is around $575K. I'm a 46 year old SAHM, and my husband is 47 and works as a Captain in the Army. We have 4 kids at home and hope to retire early. To make that happen we hope to get a decent military pension and then supplement with our savings. We didn't start very early, but tried to make up for lost time over the last 5-10 years. Our only debt is our home which we still owe $185K on.
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