If the house is paid off (and not worth $5 million) then absolutely. There are things you can enjoy at 55 that are a lot harder at 65, like hiking the Inca Trail. |
I plan to retire in my late 50s debt free with $2.5 million. Me and my wife can easily live off of $100k per year. $100k goes a long way when you don't owe anyone money |
OP here. Thanks, everyone. After sleeping on it, I decided to stay in the rat-race for 2 more years, save more, and then "retire." By "retire" I mean leaving my current high-stress job and doing something much less demanding for significantly less money. I hope that my kids will learn the value of enjoying life and will enjoy having more of me rather than more money. I will report back in a few years. |
No, not with kids that young as I believe it sets a bad example. I could have retired at 52 but I had two kids in HS and I had no desire to hand around the house or hang out with old people. So I worked until I was 60 and tripled my net worth. |
Most people who retire early with young kids tell their kids and others that they run a family office or a venture fund, have an interior design business, or teach (1 class) at the local university. You can use your imagination. |
I would, because continuing to amass gold beyond meaning sets a bad example. |
Good luck staying healthy and then dying suddenly! |
where will you get healthcare? |
529 is kid's. Yacht is mine. |
A therapist and medication may help. |
How much did it cost? $500K/yr costs $5M, leaving plenty. |
Low and mid-50s couple here, NW of ~$11M, but $1.8M in paid off house and $1.2M in kids 529s. Still have about 10 years till all kids graduate college, so plan to retire mid-60s. |
In that case, I would 100% do it now. |
DP.. for us, in MD, ACA high deductible plan is about $1400/mo for family of 4. I budgeted around $20K for healthcare. We can live off of $140K, and that includes healthcare, and mortgage (low). Planning to retire at 56/62 when last kid leaves for college. We will have about $3.2 mil in our retirement/savings. I don't include the house value. |
Retired military. It's free! |