first million [in your retirement portfolio]

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jaqenhghar
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Re: first million

Post by jaqenhghar »

retire2022 wrote: Mon Feb 15, 2021 11:51 am
an_asker wrote: Mon Feb 15, 2021 11:41 am
k1982 wrote: Tue Oct 27, 2020 6:45 pm [...]
I wish I had a "teacher" like me 15 years ago
Then you wouldn't have listened to yourself! :oops:
Hard to know if the compound interest and high savings rate will occur at accumulation stage, my role is to confirm to those younger that my 34 years (currently 60, started in 1987) of savings approx 600K in tax deferred accounts 457 & Roth IRA had provided 2.353 million portfolio.

Compound savings and market crashes helps portfolio, the five crashes does work, embrace market crashes, my portfolio gets bigger every time, last years correction -600K gave me 354k at recovery.

best
Thank you for sharing these numbers. Helpful for those of us who hope to follow in your footsteps!
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semperlux
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Re: first million [in your retirement portfolio]

Post by semperlux »

1) started at 29
2) reached $1 million invested by 35
3) all self earned, no rental properties, no alternative investments, no individual stocks (tried that with <5% of net worth for a few years, had my fun, learned my lesson, never again), now all passive index funds.

It gets a lot easier / and faster after the first million. Reached $2 million by 39, $3 million by 42, and now just shy of $4 million at 43. Compound interest is definitely no joke!
Last edited by semperlux on Mon Feb 15, 2021 3:39 pm, edited 1 time in total.
Firemenot
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Re: first million [in your retirement portfolio]

Post by Firemenot »

Took 14 years for single 401k account to hit 1 million, starting from 0.
Jeepergeo
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Re: first million [in your retirement portfolio]

Post by Jeepergeo »

Hit the first million about age 50 after 25 years of saving on the job. That does not include the value of my home, cars, or personal property.

We took a big hit of $250,000 stock loss when the startup bank we had invested $10K in to get going ten years earlier was siezed by the FDIC. I sensed it was coming, but failed to act on my gut feeling. That set us back and scared me into a heavy cash position that set me back further.

Things ramped after the first million, hitting the second million about 7 years later, and the third about 5 years later.

No inheritance. Lots of savings, fair company matches, and the great 2016 to 2020 economy had a lot to do with it.

BTW, the AA was 80% stocks and 20% cash until three years ago (yeah, I know) when I slowly started to add bonds. After getting on Bogleheads, my AA has been reset to 60/40 S/B, with about 7.5% cash for bridging the first few years of retirement.
aktx97
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Re: first million [in your retirement portfolio]

Post by aktx97 »

Seeing posts by millionaires who started investing in their early 30's makes me feel better about starting with $0 at age 31. :beer
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marti038
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Re: first million [in your retirement portfolio]

Post by marti038 »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

Studies show that around 75% millionaires are self made; took about 2-3 decades to hit millionaire mark

I understand many of us won't hit that desired #. It know it depends on your income, your savings rate, your expenses, upbringing, etc

I'm asking since Bogleheads are a different breed and if such studies accurately portray the average Boglehead also
1) 39 (2021)
2) 25 (2007)
3) Self-made in the sense that we haven't inherited or been given any money.

My brother gave me a copy of Dave Ramsey's TMM when I finished college. That kept me out of debt and really got me thinking about the possibilities of compounding interest. We've saved about 15%-20% of our income every year over this span, so we're not really even heavy duty savers IMO.
make_a_better_world
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Re: first million [in your retirement portfolio]

Post by make_a_better_world »

I started at age 33 with $30k in student debt after finishing medical training.

I hit $1M around 36 yo (I think).

I'm 40 now. I just passed the $8.5M mark. The craziest thing is $1M of it came in the last month.

I did not inherit it but believing it is all "self-made" is a delusion.
Fat Tails
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Re: first million [in your retirement portfolio]

Post by Fat Tails »

43,
Started at 24,
Self,

But had a two decent income house.

Everybody’s circumstances are different though and many people experience things that are beyond their control, both good and bad. The important thing is to live below your means, save 15% or more of your income, and invest a large portion of it in the stock market.
“If you would be wealthy, think of saving as well as getting.” ― Benjamin Franklin
minimalistmarc
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Re: first million [in your retirement portfolio]

Post by minimalistmarc »

make_a_better_world wrote: Tue Feb 16, 2021 3:21 pm I started at age 33 with $30k in student debt after finishing medical training.

I hit $1M around 36 yo (I think).

I'm 40 now. I just passed the $8.5M mark. The craziest thing is $1M of it came in the last month.

I did not inherit it but believing it is all "self-made" is a delusion.
That is incredible. How did you get to 1 million in 3 years as a doctor straight out of med school?
make_a_better_world
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Re: first million [in your retirement portfolio]

Post by make_a_better_world »

minimalistmarc wrote: Wed Feb 17, 2021 3:07 am
make_a_better_world wrote: Tue Feb 16, 2021 3:21 pm I started at age 33 with $30k in student debt after finishing medical training.

I hit $1M around 36 yo (I think).

I'm 40 now. I just passed the $8.5M mark. The craziest thing is $1M of it came in the last month.

I did not inherit it but believing it is all "self-made" is a delusion.
That is incredible. How did you get to 1 million in 3 years as a doctor straight out of med school?
I tried many things and the following worked: High salary, saving/investing 75%+ of earnings, started an online retail business, commercial real estate, cryptocurrency.
Stuckinmn
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Re: first million [in your retirement portfolio]

Post by Stuckinmn »

Started at 28
Hit million at 45
Divorced at 48
Hit million again at 50.

Self made but let's not act like I'm horatio alger. I was raised middle class, graduated debt free from a really good public university and then took out loans for grad school.

I started in 1998 and remember looking at my portfolio in late 2008 thinking I'd have been better off going to Vegas with that money- at least I'd have had some fun. Thank goodness cooler heads prevailed and I stuck with it.
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boglehat
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Re: first million [in your retirement portfolio]

Post by boglehat »

1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?

1) 29, combined with wife
2) 22
3) Self-made, with some privileges. We both grew middle class with stable families that valued education. We both got financial aid and graduated from top schools with no debt. Benefited from a bull market in HCOL area. Made relatively less on initial years, but income really started taking off in last 2 years. We've lived under our means throughout - don't know the exact figure but probably saved 50-70% of our take home each year.
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abuss368
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Re: first million

Post by abuss368 »

retire2022 wrote: Mon Feb 15, 2021 11:51 am
an_asker wrote: Mon Feb 15, 2021 11:41 am
k1982 wrote: Tue Oct 27, 2020 6:45 pm [...]
I wish I had a "teacher" like me 15 years ago
Then you wouldn't have listened to yourself! :oops:
Hard to know if the compound interest and high savings rate will occur at accumulation stage, my role is to confirm to those younger that my 34 years (currently 60, started in 1987) of savings approx 600K in tax deferred accounts 457 & Roth IRA had provided 2.353 million portfolio.

Compound savings and market crashes helps portfolio, the five crashes does work, embrace market crashes, my portfolio gets bigger every time, last years correction -600K gave me 354k at recovery.

best
This is great advice. Don’t panic and stay the course through all markets.

Tony
John C. Bogle: “Simplicity is the master key to financial success."
Grt2bOutdoors
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Re: first million

Post by Grt2bOutdoors »

abuss368 wrote: Fri Feb 19, 2021 7:21 pm
retire2022 wrote: Mon Feb 15, 2021 11:51 am
an_asker wrote: Mon Feb 15, 2021 11:41 am
k1982 wrote: Tue Oct 27, 2020 6:45 pm [...]
I wish I had a "teacher" like me 15 years ago
Then you wouldn't have listened to yourself! :oops:
Hard to know if the compound interest and high savings rate will occur at accumulation stage, my role is to confirm to those younger that my 34 years (currently 60, started in 1987) of savings approx 600K in tax deferred accounts 457 & Roth IRA had provided 2.353 million portfolio.

Compound savings and market crashes helps portfolio, the five crashes does work, embrace market crashes, my portfolio gets bigger every time, last years correction -600K gave me 354k at recovery.

best
This is great advice. Don’t panic and stay the course through all markets.

Tony
It also depends on asset allocation, how was the account invested?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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6p24qtn
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Re: first million [in your retirement portfolio]

Post by 6p24qtn »

k1982 wrote: Tue Oct 27, 2020 5:48 pm 1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
1) 37
2) 18
3) Technically self-made but my father is a Boglehead (and mother approves) and he mentored me. Not that a million is so much but I can't take too much credit. From my late teens, he's fed me literature, led by example and openly shared all of his mistakes. Thanks Pops! I owe you a million :D
Erwin007
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Re: first million [in your retirement portfolio]

Post by Erwin007 »

1) 41, just a couple of months ago.
2) 28. Maxed out Roth IRAs for me and spouse starting my intern year, and every year since. Started throwing a few bucks in 403b when eligible, but could only afford to put enough in to get the maximum match from employer. Have greatly increased savings rate in last 6 years after starting medical practice, and last 3 years specifically after finally paying off student loans.
3) No inheritance or other outside sources. All from investing our earnings.

Anxious to see if I can save enough to not dip below $1 million when next inevitable crash hits. If not, oh well. Have many working years ahead of me, God willing, and will relish the opportunity to buy at a discount.
carloslando
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Re: first million [in your retirement portfolio]

Post by carloslando »

Great info here!
I charted the distribution of all the responses that had clear numbers in them (93 of them) and this is how the distribution looks:
25-29 2
30-34 12
35-39 25
40-44 16
45-49 18
50-54 11
55-59 6
60-65 3

Image

Image

The X axis the age distribution, the Y is the number of responses in each of those 5-year age groups.
A surprising number of people hit 1M in their early 30s, but many in the 40s and 50s.
Comparison is the killer of all joy.
investnoob
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Re: first million [in your retirement portfolio]

Post by investnoob »

1) what age did you hit your first million in your retirement portfolio?

Around 40 (I don't have a "second" million yet). I am 43 now.

2) what age did you start?

17

3) was some of this savings inherited? self made? combination of both?

No inheritance.

I define my "retirement portfolio" very broadly. At 17 I got my first job and I started paying into my country's public pension plan at that time. I have been paying into that pension since then.

At 23, I got a job with an employer that has a defined benefits pension plan. I've been paying 10% of my salary towards that pension since 23. The transfer value of that pension makes up about 80% of my retirement portfolio. The rest comes from funds I put into equity index funds in tax advantaged accounts. I didn't start that until about 35.

So the sum of my "retirement portfolio" is the current value of my public pension, employer pension, and investment accounts.
orange12
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Re: first million [in your retirement portfolio]

Post by orange12 »

1) first million net worth (combined with wife) at 31
2) I started my Roth at 16, she started investing at 23
3) Lots of privilege (upper middle class, stable family, wealthy part of the country). Started off with a combined ~$120k in college debt. No large inheritances to-date.

About 40% is retirement funds, the rest is tied up in illiquid cash-flowing real estate.
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avenger
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Re: first million [in your retirement portfolio]

Post by avenger »

-400,000 net worth at 31 (lots of med school debt, upside down in a condo)!
Hit 1,000,000 invested assets at 39.
Have 1,500,000 invested now at 41.
cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [VTI, VXUS, VWITX, SV fund]
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Traveller
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Re: first million [in your retirement portfolio]

Post by Traveller »

1) Two comma club at age 43 (now 51)
2) Graduated college with some debt and a negative NW, started saving for retirement in earnest around age 25.
3) All self made meaning no inheritance, no "family loans" etc, mostly single income (spouse only worked for the first 5 years of marriage right out of college then stay home mom ever since), no lotto/gambling winnings.
retire2022
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Re: first million

Post by retire2022 »

Grt2bOutdoors wrote: Fri Feb 19, 2021 9:26 pm
It also depends on asset allocation, how was the account invested?
Apologies for a delayed response.

Asset Allocation was invested in majority of two active funds, Large cap Value in pretax 457, TRowe Price Equity Income PRFDX and active small cap Vanguard Strategic Equity VSEQX. I started right after 1987 crash, and was over saver, through five stock market crashes.

Having a safe job with pension allowed me to invest moderate to aggressive AA.

Invested in Janus funds which pushed my portfolio in 2000 to be 400K during the first internet boom.

Since then my only active fund is Vanguard PrimeCap (VPMAX) which is 29% of portfolio, 31% is SP500 and 28% is Vanguard Information Technology Fund VGT, current AA is 95/5 with 115k as cash of 2.4 million.
Grt2bOutdoors
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Re: first million

Post by Grt2bOutdoors »

retire2022 wrote: Sun May 02, 2021 9:45 am
Grt2bOutdoors wrote: Fri Feb 19, 2021 9:26 pm
It also depends on asset allocation, how was the account invested?
Apologies for a delayed response.

Asset Allocation was invested in majority of two active funds, Large cap Value in pretax 457, TRowe Price Equity Income PRFDX and active small cap Vanguard Strategic Equity VSEQX. I started right after 1987 crash, and was over saver, through five stock market crashes.

Having a safe job with pension allowed me to invest moderate to aggressive AA.

Invested in Janus funds which pushed my portfolio in 2000 to be 400K during the first internet boom.

Since then my only active fund is Vanguard PrimeCap (VPMAX) which is 29% of portfolio, 31% is SP500 and 28% is Vanguard Information Technology Fund VGT, current AA is 95/5 with 115k as cash of 2.4 million.
Kudos! There is something to be said for having the discipline to stay the course - safe job or not, many would most likely have not stuck with it much less have done it because of over reliance on pension for retirement or failure to learn about investing. You’ve reaped the rewards.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
stocknoob4111
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Re: first million [in your retirement portfolio]

Post by stocknoob4111 »

Hit $1M yesterday, I just turned 47 in March, hopefully this isn't the beginning of the end and it isn't all downhill from here....
alfredwallace
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Re: first million [in your retirement portfolio]

Post by alfredwallace »

Age at first portfolio million (no real estate included): 47
Started at age 30.
No inheritance.
52 now at about 1.8 million.
Boglebiker
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Re: first million [in your retirement portfolio]

Post by Boglebiker »

1. 44;
2. 27;
3. Savings only.
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5th_Dimension
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Re: first million [in your retirement portfolio]

Post by 5th_Dimension »

1st million this year at 62.
Started at age 46 when I finally retired all of our credit card debt.
Low 6 figure inheritance 3 years ago which was immediately put into market per our IPS.

After gaining our million we bought a Tesla. Almost back to a million again. I told the wife “before we had a million, soon we’ll have a Tesla and a million!”
:sharebeer
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sc9182
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Re: first million [in your retirement portfolio]

Post by sc9182 »

5th_Dimension wrote: Fri Aug 13, 2021 11:55 am 1st million this year at 62.
Started at age 46 when I finally retired all of our credit card debt.
Low 6 figure inheritance 3 years ago which was immediately put into market per our IPS.

After gaining our million we bought a Tesla. Almost back to a million again. I told the wife “before we had a million, soon we’ll have a Tesla and a million!”
:sharebeer
Or buy one Tesla for spouse too - she might turn lucky with a million of her own too :-)
tigers174
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Re: first million [in your retirement portfolio]

Post by tigers174 »

Just hit it after yesterday (for my wife (SAHM) and myself combined)

1) what age did you hit your first million in your retirement portfolio? - 38 (both)
2) what age did you start? - 22
3) was some of this savings inherited? self made? combination of both? - no inheritance
TSWNY
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Re: first million [in your retirement portfolio]

Post by TSWNY »

We just hit our first million in investments this week (Not counting the kids 529's).
I started investing around 25 (I'm 41 now). Got married at 31, so from then on I combined with my wife.
This is all from our own saving, no inheritance.
broncocountry25
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Re: first million [in your retirement portfolio]

Post by broncocountry25 »

First million net worth 30 (with my wife).

A lot of traction now...not including our primary now we are at 966K or 1.13M with primary equity. Now 31.

Next goal for us is building our own business income and exiting corporate world.

Everyone's path is different. We were and are very focused on our money and getting to the point of having our time freedom and the ability to work our own businesses and spend more time with our family (new 3 month old :D ).
tommy85
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Re: first million [in your retirement portfolio]

Post by tommy85 »

We started at age 31 and 29. Hit 1 million in retirement last year at age 35 and 33. All self made, no inheritance.
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Portfolio7
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Re: first million [in your retirement portfolio]

Post by Portfolio7 »

The charts you created are cool (much as I feel like a late bloomer when looking at them) but you might want to factor in the presumptive nature of your question.

I believe many Bogleheads are not millionaires. They have their cost of living under control, may have pensions or annuities that aren't reflected as wealth, and many simply live in LCOL areas. Many more may not become millionaires until they are very close to retirement. I don't know if you wanted to factor the wider audience into your data, but if so, you'd have to adjust your question a bit.
"An investment in knowledge pays the best interest" - Benjamin Franklin
AnnetteLouisan
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Re: first million [in your retirement portfolio]

Post by AnnetteLouisan »

1. mid 40s.
2. reached zero net worth at 26 or so, after paying off debt
3. Inherited $10,000 plus gifted another $10,000. Remainder was salary, bank interest and investment income.

I wouldn’t say it was easy.
Last edited by AnnetteLouisan on Thu Oct 14, 2021 9:36 pm, edited 1 time in total.
RoadagentMN
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Re: first million [in your retirement portfolio]

Post by RoadagentMN »

I guess sometime, in my late 20’s - however it was in the form of a public pension, so a little murky.
Candor
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Re: first million [in your retirement portfolio]

Post by Candor »

Portfolio7 wrote: Thu Oct 07, 2021 8:24 am The charts you created are cool (much as I feel like a late bloomer when looking at them) but you might want to factor in the presumptive nature of your question.

I believe many Bogleheads are not millionaires. They have their cost of living under control, may have pensions or annuities that aren't reflected as wealth, and many simply live in LCOL areas. Many more may not become millionaires until they are very close to retirement. I don't know if you wanted to factor the wider audience into your data, but if so, you'd have to adjust your question a bit.
Also, there is a big difference between a single with 1m and a couple.
The fool, with all his other faults, has this also - he is always getting ready to live. - Epicurus
AnnetteLouisan
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Re: first million [in your retirement portfolio]

Post by AnnetteLouisan »

RoadagentMN wrote: Wed Oct 13, 2021 10:37 am I guess sometime, in my late 20’s - however it was in the form of a public pension, so a little murky.
Do we count our pensions as part of our portfolio before they are claimed, ie after they vest but before we reach retirement age and actually claim them? Ie before they are locked in? What about ss? I don’t generally include those in my NW number because they are both uncertain and taxable. But I have nothing against it if that is the rule.
olyveoil
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Re: first million [in your retirement portfolio]

Post by olyveoil »

Great thread. I read it all.
Best aspect is that the important thing to do is invest early, live below your means, learn about investing.
WE can argue about HOW to invest, but actually investing is the most important part.
1) what age did you hit your first million in your retirement portfolio?
2) what age did you start?
3) was some of this savings inherited? self made? combination of both?
1.) 53. this year 401k/403b taxable account only. no pension or SS included
2.) 27. Very low salary for first few years
3.) all ours (wife/I). Have had to help parents out a bit.
Nate7out
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Re: first million [in your retirement portfolio]

Post by Nate7out »

AnnetteLouisan wrote: Wed Oct 13, 2021 3:18 pm
RoadagentMN wrote: Wed Oct 13, 2021 10:37 am I guess sometime, in my late 20’s - however it was in the form of a public pension, so a little murky.
Do we count our pensions as part of our portfolio before they are claimed, ie after they vest but before we reach retirement age and actually claim them? Ie before they are locked in? What about ss? I don’t generally include those in my NW number because they are both uncertain and taxable. But I have nothing against it if that is the rule.
No, in NW you would count current lump sum cash out value of pension, not NPV of the income.

For retirement income planning, you count the future income stream, but not the cash out value.
AnnetteLouisan
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Re: first million [in your retirement portfolio]

Post by AnnetteLouisan »

Nate7out wrote: Thu Oct 14, 2021 8:26 pm
AnnetteLouisan wrote: Wed Oct 13, 2021 3:18 pm
RoadagentMN wrote: Wed Oct 13, 2021 10:37 am I guess sometime, in my late 20’s - however it was in the form of a public pension, so a little murky.
Do we count our pensions as part of our portfolio before they are claimed, ie after they vest but before we reach retirement age and actually claim them? Ie before they are locked in? What about ss? I don’t generally include those in my NW number because they are both uncertain and taxable. But I have nothing against it if that is the rule.
No, in NW you would count current lump sum cash out value of pension, not NPV of the income.

For retirement income planning, you count the future income stream, but not the cash out value.
Excellent! Thats what I do. Thanks!
2tall4economy
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Re: first million [in your retirement portfolio]

Post by 2tall4economy »

I guess I started at 33 but it depends on if you count debt... no daily driver cars or home equity included below.

Real estate was a large portion of my portfolio for a while and after I Started selling them I went back last year and restated all of the net worths since I was excluding the cost to sell and realistic sale prices... much more humbling after the adjustment.

40s have gone slower than 30s but picking up now...

Age Investable assets
24 0
25 0
26 (62)
27 (54)
28 (96)
29 (140)
30 (30)
31 (12)
32 (8)
33 94
34 292
35 350
36 524
37 833
38 1,175
39 1,239
40 1,515
41 1,813
42 1,979
43 2,246
44 2,335
45 2,804
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Atretes1
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Re: first million [in your retirement portfolio]

Post by Atretes1 »

Started when I was 28. I'm 45 now. Probably another 10 years or less for me Figuring an 8% earnings rate and maxing out retirement savings. So could be sooner.
Youngbuck21
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Re: first million [in your retirement portfolio]

Post by Youngbuck21 »

Are you guys counting any invested HSA money into your retirement portfolio?
sailaway
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Re: first million [in your retirement portfolio]

Post by sailaway »

Youngbuck21 wrote: Fri Oct 15, 2021 12:07 pm Are you guys counting any invested HSA money into your retirement portfolio?
My retirement portfolio is everything that is held in an institutional account, including checking and saving, between myself and my spouse.
Candor
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Re: first million [in your retirement portfolio]

Post by Candor »

Youngbuck21 wrote: Fri Oct 15, 2021 12:07 pm Are you guys counting any invested HSA money into your retirement portfolio?
I always intended to use my HSA during retirement and I pay for medical expenses from post tax and retain any receipts so for me there was no question whether I should include it in my retirement portfolio. Even if your plan is to use the HSA funds as needed and you don't currently have any ongoing health issues I would probably just go ahead and lump it in with my retirement portfolio. If I had ongoing health expenses and planned to deplete the HSA prior to retirement I would not include it.
The fool, with all his other faults, has this also - he is always getting ready to live. - Epicurus
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