Average Net Worth of a 50 Year Old! (2024 Edition)

No video

Average Net Worth of a 50 Year Old! (2024 Edition)

Рет қаралды 14,083

Күн бұрын

As you are getting close to retirement, or even entering retirement, it’s time to check all the boxes and ensure your plan is solid. Use tools like our Know Your Number course and consider taking the relationship to the next level if your finances have reached a boiling point.
Check out our net worth by age deep dive: moneyguy.com/a...
Jump start your journey with our FREE financial resources: moneyguy.com/r...
Reach your goals faster with our products: learn.moneyguy...
Subscribe on KZfaq for early access and go beyond the podcast: www.youtube.co...
Connect with us on social media for more content: moneyguy.com/l...
Take the relationship to the next level and become a client: moneyguy.com/w...
Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Пікірлер: 31

@neverclevernorwitty7821 7 ай бұрын

Strongly considering retirement next year at 50, numbers look good, although my wife will likely continue working for a bit because she wants to. Hardest part for me is going that switch from saver to spender.

@crism777 7 ай бұрын

That report that just came out that showed the average net worth of 50 year olds is $I million is very misleading. This average number is heavily distorted by the billionaires at the very top. A much more accurate assessment can be calculated using the median net worth vs the average net worth. The median net worth of 50 year olds is about $270,000 - $330,000. This is obviously a much better representation of the wealth for that age group.

@mocheen4837 6 ай бұрын

Many of my friends retired at age 50 with a net worth between $5-10 million. Some of my friends that had government jobs retired with six figure pensions in San Francisco at age 53. I am going to retire at age 60 when both of my kids graduate from college. I am planning to pay off both of their tuitions so they can graduate debt free. My daughter applies for her PHD program in cellular biology next year.

@jimv77 7 ай бұрын

My wife got a new job across the street with a 40% raise. I just realized our income is now approaching borderline Roth IRA income limits. Easily if we sell some stocks in 2024. No more maxing out 403b AND 457. We also no longer qualify for an HSA account this year. NGL it's a bittersweet moment stopping what you've been doing for over a decade. I can only imagine how it's gonna be REALLY hard taking out that first retirement fund distribution!

@kevinschultz6091 7 ай бұрын

Hm - I'm relatively high up on the tax chart (just brushing into 32%), and I can still use an HSA: it only requires that you have a high-deductible health plan, which my company offers. (They also offer a traditional health care plan.) Does your employer/your wife's employer not offer one? I kinda thought "high-deductible plan" was the default - it has been in all jobs I've had.

@jimv77 7 ай бұрын

@@kevinschultz6091 She is a now a Federal employee. They DO have high deductible options, but in our state that plan is rather expensive vs the one we chose. We are fairly healthy so we had to compare like all TEN different options for overall lowest cost.

@kevinschultz6091 7 ай бұрын

@@jimv77 - fair 'nuff. Are you set up to do backdoor Roths, or do you have too much in your IRA to do so? (Again, I've been above the cutoff point for the past decade, and I've done either backdoor or just doing some conversions every year since.)

@jimv77 7 ай бұрын

@@kevinschultz6091 I have been thinking about it for two years now and started Roth 401k/403b/457 contribution two years ago, so our cash flow has been tight for the past decade. We currently have 75X of our annual expenses saved and starting to worry about RMD in 30 years. I've learned so much about finances since working from home.

@RP86468 6 ай бұрын

As a federal employee, your wife may be able to contribute to Roth TSP, and I'm pretty sure there are no income limits for that contribution.

@shannjohnson71 7 ай бұрын

8:30 is 🔑

@GSR978 7 ай бұрын

These figures are disturbingly low. 😮

@mattg8811 7 ай бұрын

I look forward to this every year! But I’d love to have the top accumulators of wealth numbers also.

@rda9441 7 ай бұрын

At 50, is 1 million networth considered financial mutant based on the networth discussed in this video?

@ariefraiser140 7 ай бұрын

People keep saying $1 million doesn't mean much but most people will never have a networth of $1 million. At 50 that's a great networth. No one but you however knows if you're a financial mutant because that calculation larger depends on you average lifetime income. Example if your average income throughout your working life was $50,000 then $1 million at age 50 definitely makes you a financial mutant. If your average lifetime income was $250,000 then $1 million while good isn't in the financial mutant category.

@jimdandy8996 7 ай бұрын

You can't retire on that unless you are eating cat food... or pigeons you trap in alleys or something.

@Bagsn86 7 ай бұрын

Would you use a financial planner that didn’t use any financial software? Ex: Right Capital

@chadgranoff5698 7 ай бұрын

Nice way to end that one, Brian.

@muhammadbadawi 7 ай бұрын

Hi, We need a review on the new Bitcoin spot ETFs. is it good investment? Thx

@TheRetirementTrainStraightTalk 7 ай бұрын

Would also like to hear your thoughts on a bitcoin ETF?

@Moist._Robot 7 ай бұрын

Why would you assume we’ve done what we had to when most of us haven’t?

@kevinedward4195 7 ай бұрын

The best way to build wealth is to NOT pay a CFP an AUM fee of 1 to 2% (plus brokerage fees++) !!!! Instead, hire a financial coach to teach you the basics. It is not hard if you can do basic math, and are willing to learn the ropes of investment vehicles and tax rules.

@TheDannyHamilton 7 ай бұрын

Why pay money to a "financial coach" when there's great FREE advice on KZfaq channels like this??

@kevinedward4195 7 ай бұрын

@@TheDannyHamilton They are not "coaching" you. They are throwing tons of info at people in the hopes they will get new customers. A financial "Coach" sits down with you and assesses where you are at in your financial skills, and then leads you from that point so that you can manage your own finances (without paying the absurd 1-2% AUM fee for a CFP)

@BiggMo 7 ай бұрын

(Brian’s Troll here) … please do a video, more in depth than the promo piece on the website, of your services. I’m a little skeptical of firms that have a “one size fills all approach”. Do you put your clients on auto pilot while siphoning off a percentage? Or is it actively managed and the “formula “ structure just to support the channel?

@ellischefor2584 7 ай бұрын

I believe they regularly mention they charge a fixed fee not a percentage

@emoney1231 7 ай бұрын

@@ellischefor2584 That's not true. It's "fee only" but not a fixed fee. It's a percentage of assets under management. They have said if they don't provide value, they want you to walk away. And as a fiduciary, they cannot maintain you as a client if they are hurting your financial picture, rather than helping it.

@BiggMo 7 ай бұрын

The value is had to grasp. If I pay 1% of funds under management, they would be siphoning $10,000 a year while I’m maximizing my Roth contribution at $8000. Hard to understand the value