Would you retire with a NW of $10m?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
I know that $10m in retirement accounts seems to be the magic number for many on this board, but would you retire in your eary-50s with $10m NW and a gov pension (that comes with health insurance).
3 kids (11,12,16), no inheritance, no family support with college tuition, etc. |
Anonymous
|
Do you have mortgage?
Do you have fully funded 529s? |
Anonymous
| I would maybe retire with cash of $10m but not NW of $10m. |
Anonymous
| Not when you have young kids and at that age with college and other costs. Or, retire and work part time or retire if spouse has a job. |
Anonymous
| You'll never make it on $10 million--well, maybe in the real world you could, but not in DCUM land. |
Anonymous
| I would absolutely retire with a NW of $10m. I can live comfortably at a $300k annual income, which is a conservative withdrawal rate. |
Anonymous
|
I would if that included a paid off house, or your housing expense is low.
Life is short and you have medical taken care of. No way I’d keep grinding it out. I’m a woman who will quit the day I receive my inheritance. |
Anonymous
|
I’m in similar situation as OP.
Net Worth almost 10 million, mid 50s. Military retirement, VA disability, dividends from taxable accounts last year were $95,000. But we have zero debt and sons done with college. So, for us, we are retiring early and enjoying life while we are young and healthy. We will never spend all of our assets. Will pass to our children and alma mater. |
Anonymous
| Yes |
Anonymous
| Yes I would. Absolutely. In fact I will retire at 55 with significantly less than that. A nw of $6.5 million. More than enough. |
Anonymous
|
It’s more than enough. If your expenses are high, then you can easily adjust to make it work.
Do you pay private school for all three kids? Is your house paid off? How much do you have left to pay on your house? Do you take trips around the world with all five of you or want to? Figure out how much your life costs and start with that. |
Anonymous
+1 How old are you? Retiring with $10m at 55 is different than retiring at 35. I would definitely retire at 55 with that much. We are retiring with about $3mil, 529 funded for in state, still have a mortgage but it's not that much. We will pay for private healthcare; kids will be off to college by the time we retire in a couple of years. We will start collecting social security about 5 years after we retire. I think you could do it if you didn't have to worry about college and healthcare costs. My friend moved to Portugal with her family (young kids and elderly parents), and they live off of $140K a year. They pay for health insurance there, but it's super cheap compared to here. Healthcare and college costs (for 3 ) is the big unknown for you. |
Anonymous
|
Why not? Go buy some 30 year treasuries and earn $475k per year with no state tax.
I assume you can live comfortably on that plus pension |
Anonymous
They are living like kings on $140k in Portugal. |
Anonymous
OP said net worth. Assuming that includes his primary home. So couldn’t use that to buy treasuries. |