Quote:
Originally Posted by ChiTown
Yep - that's a Net Worth Equation. If you have enough tangible assets that are primarily paid off and very little to no debt, it's not unthinkable that you could accumulate ~$1MM in Net Worth even if you haven't had a lucrative career.
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Yeah, not to say it's 'easy' and everyone should have a million dollars in assets by their mid-50s, but if you've bought and sold a few houses over decades or have held onto property that's skyrocketed over the years, plus have put some effort in squaring away a 401k, it not some insane goal to have at least half of that wrapped up in equity (the right rental properties are great for this, even if you're barely breaking even year to year), then the target 401k at 55 I assume would cover the other half.
Definitely a good goal by that point in life, and with the right investments and strategy, should be more than enough to retire (unless maybe you plan on living until 110).