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. |
I left a corporate job at 49 to work for myself, and am now 54. I'm finishing up a few contracts through 2026 but they require minimal work so I'm essentially retired. Net worth is $10m invested. I also have $500k set aside for my 17yo's college and a paid off house. I don't worry about my financial future at all.
Paying for your own healthcare sucks but it's not as terrifying as people who've never experienced it seem to think. You budget for it like anything else. Right now I pay about $1200/month for me and 17yo with max annual out of pocket spend capped at $10k. If it doubles or even triples by the time I'm 65 I would still be fine. |
Assuming they have to draw 200K from the 7M principle, they would run out after 35 years. They are in their early 50s, so they would already be 90 or very close by then. And if they can only generate 200K income from the 7M (btw, that's less than 3%), they would be considered the worst investors in the world with a 7M portfolio). |
You weirdos, it only takes $3M to retire lol. |
I'm 55 with 2 young kids and no inheritance, tuition assistance, etc., and a large mortgage. I would absolutely retire right now with $10m. 500K would be plenty to bridge the gap to Medicare. The current plan is to retire at 60 with hopefully $7m. |
Yes. Of course. How is this a question? So many are out of touch! |