We own our two homes outright. But Proptery taxes on our 2 homes are 33K currently (total), so 33+25 is $58K just for those two items. Add in maintenance, HOA fees, utilities, streaming, etc the costs for healthcare and to maintain our two homes would be $120K/year. We haven't eaten, drank, done anything or driven anywhere or paid our auto insurance or travelled. So just starting with that we would need $250-300K to live how we want for retirement. So healthcare (that didn't include costs other than premiums) is 10%+ of our expenses. |
Because OP stated that they hate their job. |
I mean it’s probably fine but plenty of people get sick and need help or have to help their kids or grandkids. There are plenty of people with a way higher net worth than this that still work until 70. So I just don’t get it. I’d take a less stressful job perhaps. |
I’m at NW $4M right now at 53 and NFW would I retire, but half of it is real estate (paid off mortgage plus investment property). |
If that is the age then the answer is *f* yea*. I'm 53 now, and I would absolutely retire with $10mil. As it is, I'm hoping to retire at 56 with $3mil. |
So, what's the x? |
depends on the person's annual expenses. |
that 3mil is just retirement/cash, not including my house. |
I haven't read all the responses but how much of a pension are you drawing by retiring in early 50's? Isn't it age adjusted? My DH waited until 62 to start taking his government pension.
We have $12m and a government pension (but no government health care) and are planning to retire at 65-66. But that's with adult kids who are done with college/weddings. We could easily retire now, but we both like our work and can save another couple million by working a few more years. |
I would have retired well before $10M. |
But do you still have a 12, 14 and 17yo (I think those were the ages) living at home? For me that changes the equation. We always planned to retire once the youngest is out of college. That will be 56/57ish for us. |
DP here with a 13 and 16 year old. We would absolutely retire TODAY if we had $10M. We are mid 40s. Maybe we'd find some lower stress/lower hour jobs we enjoyed, maybe not. Our house payment is very manageable and will be done in 7 years. And we already have plenty saved for college so the ages of our children isn't really relevant. $10M would be more than enough, including what we would need for ACA healthcare. |
Yes! Life is short, and you never know how long you have or when your health may change drastically. My parents retired late 40’s with a net worth of $10 million. This was late 90s, but still. I’m so glad they did, because they got to travel the world and spend lots of time with their kids as adult and young grandkids before my mom suddenly passed way at 70. My dad is now mid 70s, and doing great financially still with a NW of $10 million, after giving each child almost a million to buy a house, fully funding higher education, taking many luxury trips, helping with some grandkids expenses etc. |
Of all the things to have, money is certainly the best. We've never had a HHI above $120k so I'm pretty sure we could retire, like tomorrow, if we noticed our retirement savings were $10 million. Alas.... |
Every dollar you earn after that, you can consider an absolute gift of an inheritance for your kids. Maybe that would help you eek out another year or two of working. But yes, you can definitely retire on $10 million. |