They have $3M invested and 2 kids headed to college — retiring at 60 could still be within reach
The average net worth for someone in their 50s in the United States is $1,364,050, while the median net worth is $180,227, according to Empower (1). The average is driven up by wealthy Americans, while the median reflects the fact that many people in their 50s are still far from
The average net worth for someone in their 50s in the United States is $1,364,050, while the median net worth is $180,227, according to Empower (1). The average is driven up by wealthy Americans, while the median reflects the fact that many people in their 50s are still far from rich.
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Say that Joe is 56 and his wife, Anna, is 54, and they have $3 million invested. They also have two kids starting college, but are considering retiring when Joe turns 60 anyway. They want to know if that’s feasible given their investment balance. So, is leaving the workforce an option?
The specifics of how their money is invested matter a whole lot.
If Joe and Anna have $3 million in 401(k) and brokerage accounts, that’s a very different scenario from having $1 million in brokerage accounts, a $1.5 million house, and $500,000 invested in a 529 for college.
If the couple has $3 million in a retirement plan, their investments would provide them with an annual income of $120,000, assuming they follow the 4% rule. If they have $1 million in liquid investments, they’d have a $40K annual income.
