how old are you and how many X your annual salary have you saved up..

[srican69]

I am 37 and my net worth is only 1x my current annual salary...time to freak out!!!!

For my net worth I subtracted my student loans and mortgage...and added back the zillow estimated house value to my investment....don't have credit card debt..

But iam not saving anything....I will need a second job to meet my retirement target...

If you tell me your age and your net worth as the multiple of your current annual income...I will create a distribution and you can see where you lie on it.


It'll start with me...

37 and 1X


On edit....if you are between jobs...just use the salary you think you should be getting as the basis

[LWolf]

1. 53, and my savings is gone. nt

[OneGrassRoot]

14. Almost 50. No savings or anything left.

Self-employed for 20 years (and no insurance since '98 after a divorce, with subsequent medical bankruptcy due to a melanoma excision).

Can't afford to exist any more, it seems, with many of us over 40 essentially unemployable simply because of our age, regardless of experience.

Tragic state of affairs all the way around.

Personally, I need a miracle at this point. Or a patron or sponsor or something to help support me via my work with Wishadoo! and related projects.

Like I said. A miracle. LOL

[el_bryanto]

2. 42 and 2X nt

[Silent3]

3. 50, 3x if you don't count equity in my house...

...6x if you do.

[Recursion]

4. 36, 1X or so (a little under)

I'm not terribly worried

[hobbit709]

5. 62 and about 10% is left.

The tax assessor says my house is worth $110K. Realistically, I might get 90K for it.

[aristocles]

6. 63 and 10X

Even though my wife and I together made over $170,000 annually over a ten-year period during the boom years 1998-2008, we never bought the trophy house. We've lived in the same fairly modest house since 1984. It's paid off. Always buy used cars. Our current vehicles are 14 and 11 years old, and in perfect running condition. Put three children through private universities, no debt.

We live fairly frugally, pretty much as we did when I was in graduate school in the mid-70's living on a $200/month fellowship.

We don't plan to retire in any real sense. We'll continue to work as consultants or part time. I'm not counting expected Social Security payments coming at age 66.

[RobinA]

7. 55

About 3x. Which is not saying much, since my salary has yet to reach my age and probably never will.

[HERVEPA]

8. 63 4X

Looking to retire in 1.75 years

[1-Old-Man]

9. I retired at 58 with 3X, and still have almost all of it a decade later, I nearly never touch it.

And in fact almost all of money I've ever taken out of my retirement I've given to others who were in trouble or given to my son to help him with a house he is building.

I notice that several of the replies above don't seem to distinguish between earnings and wealth. Its a common problem but one that sort of ends any conversation on either finance or economics, two subjects that most people don't know seem to understand there is a difference between either.

[Downwinder]

10. 72 and 0x, no assets and no debts.

[W_HAMILTON]

11. 33 and 0x

I had maybe 1x saved up during my twenties, but I blew through it during the recession (hours were cut and I decided to go back to college, so less money coming in coupled with higher expenses).

[Orrex]

12. A tragic snapshot

Of all of the people I know who have disclosed their financial standing in this matter, perhaps four or five of them have amassed savings of any substantial amount.

Generally speaking, the ones who've been able to build a nest egg are those who started from a strong, well-supported position, such as those who received massive gifts (such as fully paid college tuition or a house paid for outright).

The brutal truth is that the economy is aggressively hostile to such savings except for people who have the luxury of considerablle discretionary income. For the millions upon millions who live--at best--from one paycheck to the next, the idea of putting aside a portion for their retirement is as much a fantasy as saving up to buy a unicorn ranch.

[woodsprite]

13. Just got our statements last night. I'm 50 and working on 4x

I'm assuming you mean in an actual retirement account rather than a regular bank account. It would be more, but I went the most conservative route with how the fund was invested. Hubby had a bit more aggressive approach and he's almost up to 6x his salary now, but there were no guarantees.

We were very lucky in that where we work will contribute up to 4% of your salary a year and put it into your retirement account. You have to at least contribute 1%, but can contribute as much as another 5% if you want to. As my salary grew, I was young and stupid and never really went back and revisited my investment strategy and I should have. If I had, I might have seen closer to my husbands' returns. Now at 50 (51 for hubby) and with one kid out of school (almost through college) and another one almost out of daycare, how much could I gain if I actually maxed out my contribution. I'm pretty darned sure we both couldn't increase to max, but we'll have to play with the numbers. Most likely I'll retire first since I don't like what I'm stuck doing and he loves his job.

[ananda]

15. 64 and 5x

I'm still trying to save because I just can't tell how much
one really needs to retire safely due to rising healthcare
costs and the instability of insurance and medicare.

I wasn't counting annuities and IRAs in the savings, only
liquid money based on an average annual income of 60K,
give or take depending on the number of jobs I take and
on interest income which is going to decrease as CD's
mature.

I don't plan to touch savings, IRA's or annuities for a good
while yet. I think I have to start taking IRA money at 70 1/2yo,
but not the annuities which can still build in value hopefully.