Net Worth at age 55

[BLADEMDA]

Please vote in this poll on your net worth at age 55. If you are younger than age 55 then choose the response which is closest to your anticipated net worth.
This is an anonymous poll.

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[BLADEMDA]

https://www.cnn.com/business/calculators/retirement-calculator

Retirement Income Calculator

Bankrate.com provides a FREE retirement income calculator and other fund calculators to help consumers make the best retirement planning decisions.

www.bankrate.com

 

[Guillemot]

Is this amount in 2024 dollars or future dollars?

 

[makemoney2024]

Is this amount in 2024 dollars or future dollars?

Hahahahaha

 

[BLADEMDA]

Is this amount in 2024 dollars or future dollars?

Good point. You can vote for either one- today's dollars of $10 million or $12-$14 million when you retire. FYI, in general the retirement calculators will convert today's dollars (2024) into the same value in retirement based on the inflation % you choose (like 3%).

 

[BLADEMDA]

So far most of the votes show that very few will hit the $10+ million mark by age 55. This means retire with $5-$6million at 55 or work past age 60. I still think the best course of action is semi-retirement from age 55 until 60-65. This way you have income and benefits while your nest egg keeps growing towards that $10 million.

 

[coffeebythelake]

$600k in retirement and backdoor Roth, $600k in brokerage account, 80k misc liquid assets, 30k emergency fund, and 250k in equity for my house. Is that a reasonable financial place to be at for 40 years old?

 

[amyl]

So far most of the votes show that very few will hit the $10+ million mark by age 55. This means retire with $5-$6million at 55 or work past age 60. I still think the best course of action is semi-retirement from age 55 until 60-65. This way you have income and benefits while your nest egg keeps growing towards that $10 million.

That’s my plan…. Thankfully my group has built in no call at 60… and some opportunities to job share. Scaling back instead of stopping is so good for lots of reasons

 

[makemoney2024]

So far most of the votes show that very few will hit the $10+ million mark by age 55. This means retire with $5-$6million at 55 or work past age 60. I still think the best course of action is semi-retirement from age 55 until 60-65. This way you have income and benefits while your nest egg keeps growing towards that $10 million.

Where are you getting the $10 Million from?

 

[Guillemot]

Assuming that I’m going to live until approximately 150 years old, how much should I have saved for retirement by the time I am 55 years old?

 

[makemoney2024]

Assuming that I’m going to live until approximately 150 years old, how much should I have saved for retirement by the time I am 55 years old?

Wild guess. $10 million

 

[MTGas2B]

Where are you getting the $10 Million from?

Would 10m liquid assets and being under 50 be enough for you to walk away or would you miss it too much?

cheer and travel baseball alone are $1000 a month for the kids. Excluding hotels stays. A min $20 to feed each kid per day x 2 kids equals $40 a day for kids x 30 days equals $1200 in food cost for the month. I’m in the hole $2200. Put $1700 a month for $529. So that’s $3900 in the hole each...

forums.studentdoctor.net

 

[ryanjmy]

$600k in retirement and backdoor Roth, $600k in brokerage account, 80k misc liquid assets, 30k emergency fund, and 250k in equity for my house. Is that a reasonable financial place to be at for 40 years old?

There’s a saying that saving the first million is very hard but once you do the second million is inevitable.

 

[aneftp]

There’s a saying that saving the first million is very hard but once you do the second million is inevitable.

Wealth usually doubles every 7 years is the general rule of thumb.
1 mil by age 37?
2 mil by age 44?
4 mil by age 51?
8 mil by age 58

 

[BLADEMDA]

There’s a saying that saving the first million is very hard but once you do the second million is inevitable.

I can tell you for a fact that saving the first million was the hardest. It's like making a decent sized snowball then letting it roll down a hill. The hardest work is getting the snowball a decent size (1 million) before letting it roll.

 

[aneftp]

I can tell you for a fact that saving the first million was the hardest. It's like making a decent sized snowball then letting it roll down a hill. The hardest work is getting the snowball a decent size (1 million) before letting it roll.

But with inflation and most under age 40 anesthesiologists hitting both the housing market and stock market at the (2010-2021). I suspect those around age 40 should have close to 2 million by now

 

[triggermaster]

But with inflation and most under age 40 anesthesiologists hitting both the housing market and stock market at the (2010-2021). I suspect those around age 40 should have close to 2 million by now

If you count my kids’ education as an asset I’ll have an extra million or two by 55.

 

[aneftp]

If you count my kids’ education as an asset I’ll have an extra million or two by 55.

Who knows. It could tank by 40% like 2000-2001 and take 6 years just to recover to 2000 levels by 2007

Than 2008 happened.

It’s all a guessing game at this point.

Many of my collegues had kids enter college 2009 with 529 accounts half what it was in 2008. And no Time to recover. Remember 529 were newer in the late 1990s. Double whammy for them college funds tanking plus housing crash.

Their 2006 homes they purchased at peak in Florida finally recovers by 2021. That’s a long time to hang on to a under water property

Most people don’t have the financial means to hand onto a property that long.

 

[sevoflurane]

So far most of the votes show that very few will hit the $10+ million mark by age 55. This means retire with $5-$6million at 55 or work past age 60. I still think the best course of action is semi-retirement from age 55 until 60-65. This way you have income and benefits while your nest egg keeps growing towards that $10 million.

Do you really need a nest egg to keep growing at the age of 60-65?
Hard for people to retire sometimes. Especially the old guard.
American male average age at the time of death is 77. Some will go before, some after.

55 to 65 can be incredibly great years as many are still physically active and have the will to travel and experience new angles in life.
I personally am not going to muddy those years with work.

 

[anbuitachi]

So far most of the votes show that very few will hit the $10+ million mark by age 55. This means retire with $5-$6million at 55 or work past age 60. I still think the best course of action is semi-retirement from age 55 until 60-65. This way you have income and benefits while your nest egg keeps growing towards that $10 million.

this networth thing you are polling includes your primary home and assets (car, sofa, etc) right

 

[Iso4ane]

I can tell you for a fact that saving the first million was the hardest. It's like making a decent sized snowball then letting it roll down a hill. The hardest work is getting the snowball a decent size (1 million) before letting it roll.

When we're discussing 1M, is that in a brokerage account or split across 401K/House-Mortgage/Brokerage. If it's the first, i'm almost halfway there, if the second, then I probably will hit 1M soon.

 

[Gaseous Clay]

this networth thing you are polling includes your primary home and assets (car, sofa, etc) right

I find most people on the financial message boards leave personal property including primary residence out of the NW calculation. I personally like to use it since in fact it can turn into a liquid asset if need be but when determining what the magic retirement number is, I use liquid assets.

Most people, including high net worth folks like yourselves, do not need $10M+ but that is a major accomplishment if you can hit that. I am trying to find a number where my anticipated annual expenses are about 2.5-3% of my assets since the 4% rule is completely outdated IMO. But I also have found out that with inflation and 2 young kids, my expenses are ballooning more than I ever could have imagined so now I have no idea what that number is.

Always fun to play around with numbers but I am hopeful in about 5-7 years, I will hit my magic number then go down to part time where my income nearly matches my yearly expenses.

 

[Shimmy8]

38.

$50k liquid
$35k HSA
$80k backdoor roth
$750k 401k

$1.6M equity real estate.

Student loans paid off last fall.

Been really lucky with RE timing, time to save.

 

[Euripides]

I can tell you for a fact that saving the first million was the hardest. It's like making a decent sized snowball then letting it roll down a hill. The hardest work is getting the snowball a decent size (1 million) before letting it roll.

I agree and once done it is almost self-reinforcing to the behaviors that got you there. Also, from personal experience I can attest that "work" feels completely different when one doesn't have to do it. I'm on the older side and have enough to stop completely but the ability to stay involved on my terms has had a pronounced positive effect on my attitude. I go to work for the enjoyment and not because I must. Things that used to irritate me now no longer do because I know I can quit whenever I want. I try to instill this view on my now adult children and on younger physicians as I interact with them.

 

[aneftp]

Do you really need a nest egg to keep growing at the age of 60-65?
Hard for people to retire sometimes. Especially the old guard.
American male average age at the time of death is 77. Some will go before, some after.

55 to 65 can be incredibly great years as many are still physically active and have the will to travel and experience new angles in life.
I personally am not going to muddy those years with work.

It’s hard to know when to “quit”. My sibling is 17 million plus the 2 plus million dollar house paid off. And age 56. Still “thinking”
About retiring. Works 3 days a week. Both kids out of the house.

Takes tons of vacation and time off. Makes maybe 220k-250k a year now only still a partner who can pickup extra work. Passive income is double that.

38.

$50k liquid
$35k HSA
$80k backdoor roth
$750k 401k

$1.6M equity real estate.

Student loans paid off last fall.

Been really lucky with RE timing, time to save.

u hit being attending at the perfect time. 2015/2016

Housing market still flat from 2011 bottom

Stock marker stayed pretty flat after the 2008 (2009-2011 bounce back and than pretty flat to 2016

Timing is everything in life.

Good job.

 

[Shimmy8]

Not from a salary, private practice buyout, AMC perspective…but RE yep. Guess we can’t have it all.

 

[DocVapor]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2020 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

Edit #2: Fixed my residency graduation year.

 

[MirrorTodd]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2024 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

Pretty much the same lol. Only reason I'm net positive is because my wife was net positive when we married.

 

[anonperson]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2024 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

You should be fine since you are consistently saving. Especially with one kid.

Housing costs are locked in so as long as you keep discretionary spending in check, you will be a millionaire by the end of your career.

 

[sethco]

this networth thing you are polling includes your primary home and assets (car, sofa, etc) right

I've never seen a Sofa that's described as an asset. Any pics?

 

[sevoflurane]

It’s hard to know when to “quit”. My sibling is 17 million plus the 2 plus million dollar house paid off. And age 56. Still “thinking”
About retiring. Works 3 days a week. Both kids out of the house.

Takes tons of vacation and time off. Makes maybe 220k-250k a year now only still a partner who can pickup extra work. Passive income is double that.

He’s doing something wrong. Conservative returns on 17 mill should be much much greater than that.

 

[aneftp]

He’s doing something wrong. Conservative returns on 17 mill should be much much greater than that.

No. Lots of stuff held in trusts and over seas. It’s complicated.

I’m just talking about taxable exposed accounts.

 

[GravelRider]

this networth thing you are polling includes your primary home and assets (car, sofa, etc) right

I probably wouldn’t count a sofa unless it is a collectible antique worth $10k+.

 

[PpfSuxTube]

this networth thing you are polling includes your primary home and assets (car, sofa, etc) right

Sofas are really taking off right now. Up 9% last 6 months...
Absolutely they're included..

 

[makemoney2024]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2024 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

Graduated in 2024? Off Cycle?

 

[BLADEMDA]

If you count my kids’ education as an asset I’ll have an extra million or two by 55.

Sorry but I spent 600,000 on my kids. You need to plan for the expenses using 529 plans and savings.

 

[BLADEMDA]

38.

$50k liquid
$35k HSA
$80k backdoor roth
$750k 401k

$1.6M equity real estate.

Student loans paid off last fall.

Been really lucky with RE timing, time to save.

You are way ahead of me at age 38. Keep it up and you will surpass 10 mil by age 55- no problem.

 

[BLADEMDA]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2024 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

So instead of 55 you retire at 65 or 67 with a nice nest egg like $8 million. That’s still more than the average physician.

 

[Gern Blansten]

Heh. I hit 40 later this year and my net worth is still wildly negative. Nontraditional student (graduated residency 2024 at age 36), high tuition med school, wife is an equestrian. Now with a toddler (and no more, I've gotten the snip). House with land was ~550k bought in 2024, and it and car loans have very very low interest rates. Been maxing out 401k+Pension plan, plus using HSA as an investment vehicle every year as an attending. Not started any taxable brokerage accounts yet as education debts have a rate >6% and so I'm getting out from under that with snowball method with >5k budget surplus every month despite the horses.

Is it going to be enough? Probably not for most of ya'll, and I would be lying if I said I didn't stress about it, but we'll be ok in the end.

Edit:
Oh I should probably also mention, very low cost of living area.

Based on what an equestrian’s physician spouse told me a couple of years ago, the equestrian part of the equation is the real killer. His wife and stepdaughter are into horses and so he is 67 with little hope of retiring any time soon.

 

[BLADEMDA]

I’ve already achieved my retirement goals yet I still like going to work on my terms. That means lots of time off and I make my own schedule.
I certainly understand those who don’t want to work another day in this field but honestly I like part time work and hope to stay at it another 5 years. I work with some surgeons whom I’ve know for 30 years and their net worth is 25 million+.

 

[ChiDO]

I'd like to able to FIRE from medicine at 50 if necessary (or phone it in and become an employed Dr and do the minimal). Currently <40, on pace.

 

[DocVapor]

Graduated in 2024? Off Cycle?

Oops, no, 2020, sorry typo.

 

[nimbus]

Based on what an equestrian’s physician spouse told me a couple of years ago, the equestrian part of the equation is the real killer. His wife and stepdaughter are into horses and so he is 67 with little hope of retiring any time soon.

My daughter has a friend. She and her mom have 6 horses. The dad only knows about 3 of them. We have 3 horses that I know of. All the horses are retired but I am not 😂

 

[mdo1738]

33 yo

$220k in Roth accounts
$180k in the bank, most of which is in a HYSA at 5% (higher liquidity than would usually need but have some likely big expenses soon)
$65k mutual funds
$30k crypto
$30k I-bonds (getting rid of these soon)
$20k 401k (not vested)
$10k stocks
$10k gold and silver
$300k equity in an $825k house
$750k income currently, expect to increase to higher 6 fig/just over 7 fig in the coming years (but never taking anything for granted)
Parents’ net worth about $25 mil, reasonable chance that goes up 3-4x in the next 5 years (and if so, this would be due to sale of a company I would make about $3 mil post CG from)
In-laws net worth probably about $5 mil
Spouse and I each have one sibling
We have a 4 year old, only have saved about $10k for college in 529 thus far.

Only liabilities are $500k remaining on mortgage, likely a new car for the wife soon, and probably $10k expenses within the next year-ish for a second (and final) kid
Current expenses about $5k a month mortgage and $2k month everything else.

My plan:
1. Aggressively pay off mortgage. I have 6% rate so no benefit from letting it linger. I have a 7+1 ARM but don’t want to roll the dice on waiting to see if rates go down significantly.
2. In the meantime, maximize 401k and backdoor Roth.
3. Need to start maximizing 529. I’ll be pissed at my kids if they don’t earn scholarships, but I’ve been out of college for a minute and I guess maybe merit-based scholarships are fading away. Used to be fairly easy.
4. Index investing. VOO baby

Goal is to retire at 55-60 with $10-15 mil, never have to touch my Roth accounts, and pass on an enormous chunk to my kids and grandkids

 

[DocVapor]

Based on what an equestrian’s physician spouse told me a couple of years ago, the equestrian part of the equation is the real killer. His wife and stepdaughter are into horses and so he is 67 with little hope of retiring any time soon.

Yup. It can be done "relatively" cheaply, which thankfully my wife does. The whole "show" thing and the politics of it all can really suck people in, not to mention the amount of absolute grifters in the equestrian world - thankfully my wife is happy to stay on our little plot of land and occasionally go to some local relaxed events. We've already stated that we won't be pushing the horses on my daughter, but if she enjoys it, she won't be getting the training necessary to compete at high levels.

 

[BobBarker]

Yea, you don’t have anything to worry about. You started with a 9-0 lead in the top of the 9th. Don’t drop the bag and piss off mom and dad.

 

[BLADEMDA]

33 yo

$220k in Roth accounts
$180k in the bank, most of which is in a HYSA at 5% (higher liquidity than would usually need but have some likely big expenses soon)
$65k mutual funds
$30k crypto
$30k I-bonds (getting rid of these soon)
$20k 401k (not vested)
$10k stocks
$10k gold and silver
$300k equity in an $825k house
$750k income currently, expect to increase to higher 6 fig/just over 7 fig in the coming years (but never taking anything for granted)
Parents’ net worth about $25 mil, reasonable chance that goes up 3-4x in the next 5 years (and if so, this would be due to sale of a company I would make about $3 mil post CG from)
In-laws net worth probably about $5 mil
Spouse and I each have one sibling
We have a 4 year old, only have saved about $10k for college in 529 thus far.

Only liabilities are $500k remaining on mortgage, likely a new car for the wife soon, and probably $10k expenses within the next year-ish for a second (and final) kid
Current expenses about $5k a month mortgage and $2k month everything else.

My plan:
1. Aggressively pay off mortgage. I have 6% rate so no benefit from letting it linger. I have a 7+1 ARM but don’t want to roll the dice on waiting to see if rates go down significantly.
2. In the meantime, maximize 401k and backdoor Roth.
3. Need to start maximizing 529. I’ll be pissed at my kids if they don’t earn scholarships, but I’ve been out of college for a minute and I guess maybe merit-based scholarships are fading away. Used to be fairly easy.
4. Index investing. VOO baby

Goal is to retire at 55-60 with $10-15 mil, never have to touch my Roth accounts, and pass on an enormous chunk to my kids and grandkids

You can truly FIRE by age 45 if not sooner. Money will not be an issue.

 

[emergentmd]

52 YO. right at 11M. 50% RE income producing. Should be close to 14M in 3 years.

1st million was tough, Last 5M took less time than 1st.

 

[ambiturner]

Not from a salary, private practice buyout, AMC perspective…but RE yep. Guess we can’t have it all.

I’m a little older than you and yes it is hilarious to me that graduates from our years could be considered to have good timing. I was 2 years late to get a big buyout at my first job and today’s graduates are getting base salaries more than double what they were in that era. Going back another 5 years, getting out 2010 was a perfect time as you bought a cheap house and rode the entire market crest.

 

[doctalaughs]

You can truly FIRE by age 45 if not sooner. Money will not be an issue.

He can retire right now assuming dad/mom aren’t giving it all to charity. That inherited money if invested correctly could be passively generating 10 anesthesiologist salaries in aggressive savings yearly— all at once.