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Response to OhNo-Really (Reply #21)

Wed Jul 11, 2018, 06:50 PM

26. Or spent irresponsibly, or maybe in better shape than it appears? From the article,

he has:

-- about $500K in govt retirement account (about what you would expect at his age and income level), and his wife has a retirement account from a prior job, worth up to $65K, which the article says are not counted as "assets"
-- a house worth maybe $1.3-$1.5 mill., on which they owe about $900K, so equity of ~$500K
-- any 529 or other education accounts that can be excluded from the disclosure statement? (not mentioned)
-- any 401ks, 403bs, etc. that can be excluded from the disclosure statement? (not mentioned, other than he has a TSP from which he has borrowed)

They currently have income of over $300K. How long have they had this?

It's possible that he and his wife are in pretty good shape, if they have these other accounts. Or, they just spend all that they have after mandatory retirement contributions and possibly after 529 savings, on the house and private education, and baseball tickets, etc.

on edit: According to Investopedia, at age 50, one should have saved five times his/her salary (including employer retirement contributions, but not home equity, etc.).

If they make $300000 per year, they should have $1.5 million saved to be on track for a normal retirement. They have less than 40% of that amount in retirement accounts that were disclosed. And they are a few years older than 50.

https://www.investopedia.com/retirement/how-much-you-should-have-saved-age/

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Judi Lynn Jul 2018 OP
CincyDem Jul 2018 #1
MontanaMama Jul 2018 #4
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Kingofalldems Jul 2018 #24
CincyDem Jul 2018 #27
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OhNo-Really Jul 2018 #17
lunasun Jul 2018 #3
hack89 Jul 2018 #5
spooky3 Jul 2018 #9
OhNo-Really Jul 2018 #21
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spooky3 Jul 2018 #26
Calista241 Jul 2018 #37
FBaggins Jul 2018 #32
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bettyellen Jul 2018 #10
Sophia4 Jul 2018 #11
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