Retiring Early

Saturday, June 02, 2007

Saving more than your parents

I came to the realization the other day that I have more savings than my parents -- seems kind of obvious, but it never really sunk in. After all, how is it possible that someone in their mid-30's has saved more money than their parents in their mid-60's?! Looking at the numbers, it's shocking: I have 3x more saved than they do. Absolutely shocking to me.

Anyway, I've been worried about them and their finances for some time now. I hope they will eventually pull together a plan, formally retire, and hopefully not run out of money. It should be possible with their current savings and home equity, unless debt and rampant consumerism takes over.

Anyway, anyone else out there hit this point and realize that they now have more savings than their parents?

(photo courtesy of: Indigo Goat)

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4 Comments:

  • At 6/02/2007 1:12 PM, Blogger mOOm said…

    I'm at about 1/6 of my mother's net worth currently...

     
  • At 6/04/2007 8:45 AM, Anonymous finance girl said…

    I've no idea as neither parent ever ever ever talks about money, it's like a dirty little secret or something. However, I suspect I have more than my mom and stepdad and I suspect I may than my Dad and stepmom.

     
  • At 6/08/2007 6:32 AM, Blogger fin_indie said…

    moom: wow -- I'd still be living at home!

    FG: Yeah, same thing until I finally just said "So how much do you guys have saved for retirement? You should be retiring any time now, right?" Blunt? Yes, especially with the threat of them showing up on my door step. It really IS my business at that point, right?

     
  • At 6/09/2007 10:54 PM, Blogger StealthBucks said…

    OK, here's the deal. I am worth about 10 times my parents NW. Which is OK. They raised me well and I thrived under their guidance. Not necessarily translated to siblings. Good for me, not so good for them.

    My parents are raising my true derelict brothers kids as they enter their 70's. I help out financially as well as emotionally (I hope).

    My parents do have this bizarre, rare, not to be seen by my generation thing called "a defined benefit pension plan". Really they have three such plans. So although they don't have much Net Worth, if you calculate the annuity value of their pensions, they would probably be worth 1/3rd as much as me.

    I owe my parents, warts and all, a great deal of my success to date. As for the future, in my approaching mid 40's, that is for me to decide.

     

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