Am I doing well financially for my age?

Question

I am almost 51 years old, make about $150,000 a year.

My net worth as I calculated recently is about 1.2 million dollars.

My house is payed for worth about $320,000.

I have about $500,000 in IRA's, 401K, HSA, etc.

Rest are in in money markets, CD's, mutual funds, etc.

I have no debts and have no dependents and single (divorced over 14 years ago).

How do I stack up against others my age interms of my net worth?

Am I ready for retirement when I'm 60-65 years old. I expect my net worth to be around 2.5-3 million when I retire.

Answer 1

At your income level and having your house paid off, I'm surprised you weren't able to save more.

This might be an indication that you need to save more to maintain your lifestyle into retirement.

Good luck.