Net Worth at age 55

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How much do you anticipate your net worth will be by age 55?

  • Less than 2 million

    Votes: 15 5.8%

  • 2-4 million

    Votes: 63 24.2%

  • 4-6 million

    Votes: 70 26.9%

  • 6-8 million

    Votes: 48 18.5%

  • 8-10 million

    Votes: 18 6.9%

  • More than 10 million

    Votes: 46 17.7%
  • Total voters
    260
Following this as a resident -

170k salary between me and S/O.
$25k in HYSA
$10k in CD
$15k in 401k
$3k in brokerage account.
Loans paid off and saving ~$2500 per month to continue growing liquid assets so we can make a down payment after residency. Currently in HCOL. Is there anything else we should be doing?
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If your loans are paid off already as a resident…don’t forget to take some nice vacations during training and live a little.

You’ll be more than ok once you hit attending salary.
 
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Gern Blansten said:
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.
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The wife really hit the jackpot there - long term low risk passive income to support her life and hobbies.
 
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Assuming a 6-7% rate of return, I am hoping for a net worth at 55 y.o. of around $6-7 Million with a combination of 401K, IRA, Brokerage accounts, and rental properties. For me the biggest impediments to an "early" retirement (< 60 y.o.) would be the following:

1. Health Insurance
2. College Education. My kid will graduate H.S. in 8 years. Even with a 529, if he ends up going to a private college (+/- grad school), I will probably have to supplement that
3. Some of my retirement is in the form of a pension (academics, state institution) where you derive the best returns if you wait until 65 to start taking benefits.

I agree with others who have posted that the sweet spot after 55 is to go part time and not take call. I would love to fully retire before 60, but with these factors I don't know how feasible that would be.
 
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DocVapor said:
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.
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you got 401k + pension? you are set for life
 
GassYous said:
I don't understand how 5% of people anticipate < $2 million. I'm already there!
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It's the spending.

Annual income twenty pounds, annual expenditure nineteen and six, result happiness.

Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.
 
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Around 1.5mil at 35, though a lot of that is tied up in primary residence (gotta love VHCOL).

Max out personal and spouse 401k, backdoor Roth, HSA, non-elective contribution 401k, and cash balance plan plus some reasonable after tax savings for 20 years puts that at 13-15 mil by age 55 excluding primary residence at 6 or 7% interest.

Not sure how you guys are adjusting for pre/post tax, as much of that will be in pre-tax accounts, so really more like 10 for me and 3-5 for uncle sam depending on if/when/how much we spend.
 
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Gern Blansten said:
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.
Click to expand...
People got to learn to say NO. This man is allowing himself to be used. He is dumb.
 
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Some good numbers from people. Happy to see fellow physicians getting financially ahead.

No plans for early retirement. Want to pay for my kids schooling and will help pay for their housing at some point (down payment etc). Not anesthesia but I don't mind my work.. Not making anesthesia money but can't complain.

40 yo. Single income household. 2 kids

401k/Roth IRA/529/taxable account- $800K
Cash on hand $70k in 5% CD. Will use in the next year to buy a new car for wife. Not entire amount but probably $45k.

Home equity - $600k.
2.75% fixed mortgage. No plan to pay off early.

Currently in a high cost of living area.

Hoping to have a few million saved by the end but you know the saying:

"Man plans, God laughs"
 
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nimbus said:
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 😂
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Do they send the horses to public school or private school?
 
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Net worth just shy of $300K today. Turning 36 soon. NW was ~$25K 8 months ago but we've been maxing out retirement accounts, the market has risen, and we started investing in a brokerage account.

$315K in our Roth IRAs and Roth 403b.
~$80K in pre-tax retirement accounts.
$50K brokerage (2 accounts. One for retirement, one for student loan payoff fund)
$20K random cash in checking and savings, earmarked.
40K emergency fund
$200K equity in our home.

-$400K student loans

Fingers crossed for PSLF in 3.5 years. If it falls through, that brokerage account will be used to demolish it. Otherwise just going to continue saving 20% of gross income for retirement (first into 403b and 457, then backdoor Roth IRAs, then brokerage, separate from the student loan payoff fund), and whatever's leftover afterward goes in the student loan payoff fund with the intent to pay off the loans with it if we change jobs or if forgiveness falls through. If my loans get forgiven, I'll take all that fund and drop it on the mortgage (5% on 7/1 ARM).

Haven't really run the numbers, but suspect we'll be over $5M before 55 years old.

Married, stay-at-home spouse. 3 kids (elementary age) all in public school.
 
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40 years old, married to dentist with her own practice. One kid with no plans on anymore.

800k in multiple retirement accounts
300k in real estate equity
2 million in taxable investment accounts (including UTMA accounts from my parents)
200 529
200k son UTMA account
600k - rough value of wife’s practice

No debt other than mortgage.

So about 4 million.

Current combined income 2024 income 1 million. Expected inheritances from our physician parents is around 8-9 million.

I expect to be worth >20 mil + by 55 which is when I will retire.
 
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nycitygas said:
40 years old, married to dentist with her own practice. One kid with no plans on anymore.

800k in multiple retirement accounts
300k in real estate equity
2 million in taxable investment accounts (including UTMA accounts from my parents)
200 529
200k son UTMA account
600k - rough value of wife’s practice

No debt other than mortgage.

So about 4 million.

Current combined income 2024 income 1 million. Expected inheritances from our physician parents is around 8-9 million.

I expect to be worth >20 mil + by 55 which is when I will retire.
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Wow is all I can say to this. Keep up the great work!
 
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@nycitygas you need to employ your son at your wife’s practice and get him a Roth going. He can help with cleaning, stocking, modeIing, etc. But you are doing a great job with his UTMA and 529 which are way ahead of schedule. Also, love the flexibility you have in your taxable account. I’m over burdened with real estate but just put the largest asset on the market. So maybe can join you at $2M in the future 🤞
 
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BobBarker said:
@nycitygas you need to employ your son at your wife’s practice and get him a Roth going. He can help with cleaning, stocking, modeIing, etc. But you are doing a great job with his UTMA and 529 which are way ahead of schedule. Also, love the flexibility you have in your taxable account. I’m over burdened with real estate but just put the largest asset on the market. So maybe can join you at $2M in the future 🤞
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What's the difference between the UTMA and just straight up giving your kid <=18k/year?
 
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nycitygas said:
40 years old, married to dentist with her own practice. One kid with no plans on anymore.

800k in multiple retirement accounts
300k in real estate equity
2 million in taxable investment accounts (including UTMA accounts from my parents)
200 529
200k son UTMA account
600k - rough value of wife’s practice

No debt other than mortgage.

So about 4 million.

Current combined income 2024 income 1 million. Expected inheritances from our physician parents is around 8-9 million.

I expect to be worth >20 mil + by 55 which is when I will retire.
Click to expand...
you can probably retire now and just live off your wife
 
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BobBarker said:
@nycitygas you need to employ your son at your wife’s practice and get him a Roth going. He can help with cleaning, stocking, modeIing, etc. But you are doing a great job with his UTMA and 529 which are way ahead of schedule. Also, love the flexibility you have in your taxable account. I’m over burdened with real estate but just put the largest asset on the market. So maybe can join you at $2M in the future 🤞
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Son is a employee of practice as a model (he’s in all the social media ect). Have been using that to fund his UTMA but good idea on the Roth. He does have some health issues which why I am funding it as much as I can.

I wish I had gotten into real estate but lack the knowledge and time. I have always viewed RE not as a passive investment but as an active business. All of our investments are in vanguard index funds and etfs. No individual stocks.
 
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MirrorTodd said:
What's the difference between the UTMA and just straight up giving your kid <=18k/year?
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UTMA is just custodial investment account. You have control of the money until the child turns 18.
My parents opened one for me 30 years ago. The rate of return has been incredible.
 
35 years old. 2 mil net worth. all of it in crypto. mostly dog and cat coins. how am i doing? enough to retire at 50?
 
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sevo00 said:
35 years old. 2 mil net worth. all of it in crypto. mostly dog and cat coins. how am i doing? enough to retire at 50?
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Yes, your crypto will be worth at least $10 billion by then if you have Dogecoin
 
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34 at 1.2 million on 1 income. 200k in loans

2/3 in index funds in retirement accounts, 1/3 in money market funds
 
35 yo, 1.4 M, finished residency at 29. VTSAX, 401k, IRA. Gf is 30, anesthesia, 200k NW. Aiming for 3-4 M NW for myself before I let off the gas pedal. Looking to buy a house in the OC the next 1-2 years.
IMG_3892.png
 
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GassYous said:
34 at 1.2 million on 1 income. 200k in loans

2/3 in index funds in retirement accounts, 1/3 in money market funds
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You’ll miss out on millions in gains if you have 1/3 in money market funds (or bonds) long term. Are you just trying to time the market and buy index funds if the market crashes?
 
triggermaster said:
You’ll miss out on millions in gains if you have 1/3 in money market funds (or bonds) long term. Are you just trying to time the market and buy index funds if the market crashes?
Click to expand...

No I was saving for a house but my timing sucked
 
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Have any of you guys set up a trust? If so, how much work is involved in transferring your assets into the trust? From my understanding, that seems to be one of the best ways to protect my son’s assets in the future, even if he winds up in a crappy marriage that leads to divorce.
 
HalO'Thane said:
Have any of you guys set up a trust? If so, how much work is involved in transferring your assets into the trust? From my understanding, that seems to be one of the best ways to protect my son’s assets in the future, even if he winds up in a crappy marriage that leads to divorce.
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I haven’t set up a trust but I have related questions.

Inheritance should be separate by default as long as you don’t commingle funds with a future spouse, right?

A revocable trust might make for a more favorable child support calculation if it ever comes to that. Anybody familiar with that?

I’m interested in a trust to ensure my life insurance and savings are preserved for my minor children and not spent by their mother. Anyone have any experience with that? Expensive to set up? Do you need a trust or can you just have a will appointing a custodian?
 
Looked more closely at my numbers and I was a little off:
35y single at the the moment
~500k salary past few years doing academics
Across accounts approx:
600K in brokerage
250K in Roth
300K in 403B/457B (some Roth, some not)
So 1.15M with just these accounts.

I also have ~450K in a Defined Contribution pension plan (if I stay at this job for the rest of my career I won’t get SS); but a good chunk of it should be made available to me if I leave my job.

Have a house with a mortgage at 2.75%
School loans are paid off (had some help from parents with this).

Have an itch to buy a new car at the moment, still driving a 2013 Honda. Something about a Lexus IS500/LC500 stirs my old spirit.
 
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triggermaster said:
I haven’t set up a trust but I have related questions.

Inheritance should be separate by default as long as you don’t commingle funds with a future spouse, right?

A revocable trust might make for a more favorable child support calculation if it ever comes to that. Anybody familiar with that?

I’m interested in a trust to ensure my life insurance and savings are preserved for my minor children and not spent by their mother. Anyone have any experience with that? Expensive to set up? Do you need a trust or can you just have a will appointing a custodian?
Click to expand...

I think it is complicated. If I remember correctly, community property states the spouse automatically inherits 50% of the life insurance even if you designate the minors as beneficiaries. In addition, life insurance companies do not pay minors directly. Need some kind of custodian.

Normally you would think the mother will have the children’s best interest and manage the $$$ properly.

I guess estate planning lawyer is the way to go.
 
So glad to see everyone do well financially. These last couple of years have been tremendous. Not just the stock and housing market. But the source of our income is our jobs. Keep pushing for higher and higher wages. I don’t have a crystal ball. But take advantage of it.
 
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0kazak1 said:
Looked more closely at my numbers and I was a little off:
35y single at the the moment
~500k salary past few years doing academics
Across accounts approx:
600K in brokerage
250K in Roth
300K in 403B/457B (some Roth, some not)
So 1.15M with just these accounts.

I also have ~450K in a Defined Contribution pension plan (if I stay at this job for the rest of my career I won’t get SS); but a good chunk of it should be made available to me if I leave my job.

Have a house with a mortgage at 2.75%
School loans are paid off (had some help from parents with this).

Have an itch to buy a new car at the moment, still driving a 2013 Honda. Something about a Lexus IS500/LC500 stirs my old spirit.
Click to expand...
The LC is gonna be way more fun IMO.
 
ChiDO said:
Vanguard ran a projection for me and said when my wife hits 100 yo, we should have anywhere between 250m-900m... 🤣

Guess it's possible with 65+ years or returns. 🤷
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She should plan a nice trip for that bday, maybe even fly business class
 
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An irrevocable life insurance trust (ILIT) is a trust created during an insured's lifetime that owns and controls a term or permanent life insurance policy or policies. It can also manage and distribute the proceeds that are paid out upon the insured's death, according to the insured's wishes.

www.northwesternmutual.com

What Is an Irrevocable Life Insurance Trust (ILIT)?

Learn how an irrevocable life insurance trust (ILIT) works, and how an ILIT can benefit you, including how an ILIT can protect your life insurance from estate taxes.
www.northwesternmutual.com www.northwesternmutual.com
 
I didn't have $10 million by age 55 because of the lost decade which had low returns. But, in terms of 2024 dollars I did have 10 million at age 55 as inflation is more than 18% the past 2 years. Anyway, my point is a diversified portfolio helps weather the storm which can happen again.

1711826379609.png
 
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It's funny how this thread has evolved.
How many times have we read or indeed posted our disdain of boomers selling their nickle bought house for millions...

Well now here we are. S&P at all time high, great growth years, anything purchased in the early covid Era is up 30 to 40%. Highest income ever in our field and only going higher yearly with an enormous shortage of gas men and women and the population of old and infirm literally exploding, all needing hips, knees bypass etc etc etc

Is this last few years the greatest time ever to just buy and hold. 0.9% mortgage rate anyone? Will that ever happen again or before in the history of the world?

What will they call us in decades to come... covid boomer?
 
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