Why wouldn't you retire on $5M?

[Anonymous]

You can spend 10k+ a month forever on a portfolio of this size. Seems like I could retire comfortably on this amount, even needing to pay for health insurance and having 2 kids. We are 30/31 with $2M so not at this level yet.

Asking because there are a lot of rich people on here with way more than 5M who still work.

[Anonymous]

You certainly can but for folks it depends on variables--what is college tuition projection, etc.

What is your income to amass 2 million and it must be liquid because you won't be able to access retirement accounts until 59 1/2 or sometimes 55.

[Anonymous]

Anonymous wrote:You certainly can but for folks it depends on variables--what is college tuition projection, etc.

What is your income to amass 2 million and it must be liquid because you won't be able to access retirement accounts until 59 1/2 or sometimes 55.

You can access regular income from retirement accounts before 59.5. Checkout rule 72t.

[Anonymous]

Simple: Because for some people work isn’t work..
When you’re 30 and at the beginning of your career it’s stressful and time consuming and you’re probably counting down the days you no longer have to work. if you have the luck to grow so much in your career, by the time you could retire you may not really want or need to.

I’m now in a position where I make a LOT to pretty much do nothing but use my brain At my level I get lots of job satisfaction by mentoring and giving back the next generation. People in my field/conpany respect and look up to me, reach out to network, and want my advice. I speak at conferences. I have the ability to refer someone for a job or give someone a leg up. I get lots of perks from my job which enhance my personal life (eating out at the nicest restaurants, Uber black, first class flights, free computer and phone, subscriptions, etc). I have a admin assistant and career coach. Work life balance is great! My status gives me lots of once-in-a-lifetime bucket list experiences. Earlier this year I shared a stage and had private lunch with an A-list celebrity who works with my company and I have box seats at the US Open in 2 months.

I see this perspective from others I know who may not even have such extreme circumstances. Usually the type of person who has the drive to earn and save multi-millions has the intrinsic need to continue achieving. Think of top athletes, politicians, and business moguls. The way I see it - I’ve worked really hard for a lot less and had to juggle life on top of it. With all the sacrifices and effort I put in over the last 25 years to get here, why would I stop “working” now. Retiring at this point would be boring and feel more like giving up and leaving a lot on the table. I grew up with a kit less, so I do think the generational wealth I’m creating is a key driver for me, but aside from more money I’m a lot healthier mentally and physically and emotionally as well. I may step back in 10 years for some unforeseen reason, but until then I’m going to keep logging in.

[Anonymous]

Anonymous wrote:Simple: Because for some people work isn’t work..
When you’re 30 and at the beginning of your career it’s stressful and time consuming and you’re probably counting down the days you no longer have to work. if you have the luck to grow so much in your career, by the time you could retire you may not really want or need to.

I’m now in a position where I make a LOT to pretty much do nothing but use my brain At my level I get lots of job satisfaction by mentoring and giving back the next generation. People in my field/conpany respect and look up to me, reach out to network, and want my advice. I speak at conferences. I have the ability to refer someone for a job or give someone a leg up. I get lots of perks from my job which enhance my personal life (eating out at the nicest restaurants, Uber black, first class flights, free computer and phone, subscriptions, etc). I have a admin assistant and career coach. Work life balance is great! My status gives me lots of once-in-a-lifetime bucket list experiences. Earlier this year I shared a stage and had private lunch with an A-list celebrity who works with my company and I have box seats at the US Open in 2 months.

I see this perspective from others I know who may not even have such extreme circumstances. Usually the type of person who has the drive to earn and save multi-millions has the intrinsic need to continue achieving. Think of top athletes, politicians, and business moguls. The way I see it - I’ve worked really hard for a lot less and had to juggle life on top of it. With all the sacrifices and effort I put in over the last 25 years to get here, why would I stop “working” now. Retiring at this point would be boring and feel more like giving up and leaving a lot on the table. I grew up with a kit less, so I do think the generational wealth I’m creating is a key driver for me, but aside from more money I’m a lot healthier mentally and physically and emotionally as well. I may step back in 10 years for some unforeseen reason, but until then I’m going to keep logging in.

Interesting perspective. I think context matters. Do you mind my asking your age? I’m guessing your gender is male from the tone of your post. and are you single? Childless?

I am 63 female divorced. Multi mill (less than 4) net worth. I work for myself and work hard (I am tired and my work is fulfilling). This is my 2nd career plus raised special needs college student (with supports). Also was primary caregiver for a parent who had dementia for more than a decade while working and raising special needs child with a spouse with limited capacity and mental illness. I’d rather not work til death. I don’t advertise or market. Only see word of mouth clients about 20 hrs a week. Just another view, experience.

[Anonymous]

Many people want fo have more than 10j a month.

[Anonymous]

Many well to do people like their jobs and need to keep busy. My boss said that he would go crazy at home. He is in real estate and restaurant business.
Very hard for me to see it because several jobs I have had, were nightmare and almost took my health.
They are not doing it for money at some point. Who the heck opens up a restaurant nowadays. He said he wanted to see if he could do it. WTH!

[Anonymous]

Anonymous wrote:Simple: Because for some people work isn’t work..
When you’re 30 and at the beginning of your career it’s stressful and time consuming and you’re probably counting down the days you no longer have to work. if you have the luck to grow so much in your career, by the time you could retire you may not really want or need to.

I’m now in a position where I make a LOT to pretty much do nothing but use my brain At my level I get lots of job satisfaction by mentoring and giving back the next generation. People in my field/conpany respect and look up to me, reach out to network, and want my advice. I speak at conferences. I have the ability to refer someone for a job or give someone a leg up. I get lots of perks from my job which enhance my personal life (eating out at the nicest restaurants, Uber black, first class flights, free computer and phone, subscriptions, etc). I have a admin assistant and career coach. Work life balance is great! My status gives me lots of once-in-a-lifetime bucket list experiences. Earlier this year I shared a stage and had private lunch with an A-list celebrity who works with my company and I have box seats at the US Open in 2 months.

I see this perspective from others I know who may not even have such extreme circumstances. Usually the type of person who has the drive to earn and save multi-millions has the intrinsic need to continue achieving. Think of top athletes, politicians, and business moguls. The way I see it - I’ve worked really hard for a lot less and had to juggle life on top of it. With all the sacrifices and effort I put in over the last 25 years to get here, why would I stop “working” now. Retiring at this point would be boring and feel more like giving up and leaving a lot on the table. I grew up with a kit less, so I do think the generational wealth I’m creating is a key driver for me, but aside from more money I’m a lot healthier mentally and physically and emotionally as well. I may step back in 10 years for some unforeseen reason, but until then I’m going to keep logging in.

You are the ultimate parasite. Don’t be too generous with pats on your own back. Seen others like you “hanging around” chewing up resources but you this you are benefiting others. It’s ok to leave food on the tables for others. Just because you can…. Why don’t you let go and give others an opportunity? Pure selfishness

[Anonymous]

How can you have 2 mil at 30?

[Anonymous]

I retired about a decade ago at 53 with a net worth of about $4 million. We have been living well but not frivolously and now have a net worth of $8 million. Best decision of my life.

[Anonymous]

I don't think our life is that fancy, but we have teens and spend more than $10k a month. Our food bills are well over $1k/month, car insurance for teens, tuition costs....the kids are expensive. Vacations with them are a ton. I think our costs will go down a lot when they launch, but we're not there yet.

And I'm only in my 40s. That's a lot of years of health insurance and expenses to pay for, when I mostly enjoy my job. So I don't feel it's at all a sure thing at this point.

Also, my friends all work, and my kids are gone a lot. I feel like I would lose mental stimulation and social contact if I stopped working now. I have a couple long-term SAH friends and many of them have taken up jobs (interesting retail, that kind of thing) because with kids going to college they are ready for something new.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Simple: Because for some people work isn’t work..
When you’re 30 and at the beginning of your career it’s stressful and time consuming and you’re probably counting down the days you no longer have to work. if you have the luck to grow so much in your career, by the time you could retire you may not really want or need to.

I’m now in a position where I make a LOT to pretty much do nothing but use my brain At my level I get lots of job satisfaction by mentoring and giving back the next generation. People in my field/conpany respect and look up to me, reach out to network, and want my advice. I speak at conferences. I have the ability to refer someone for a job or give someone a leg up. I get lots of perks from my job which enhance my personal life (eating out at the nicest restaurants, Uber black, first class flights, free computer and phone, subscriptions, etc). I have a admin assistant and career coach. Work life balance is great! My status gives me lots of once-in-a-lifetime bucket list experiences. Earlier this year I shared a stage and had private lunch with an A-list celebrity who works with my company and I have box seats at the US Open in 2 months.

I see this perspective from others I know who may not even have such extreme circumstances. Usually the type of person who has the drive to earn and save multi-millions has the intrinsic need to continue achieving. Think of top athletes, politicians, and business moguls. The way I see it - I’ve worked really hard for a lot less and had to juggle life on top of it. With all the sacrifices and effort I put in over the last 25 years to get here, why would I stop “working” now. Retiring at this point would be boring and feel more like giving up and leaving a lot on the table. I grew up with a kit less, so I do think the generational wealth I’m creating is a key driver for me, but aside from more money I’m a lot healthier mentally and physically and emotionally as well. I may step back in 10 years for some unforeseen reason, but until then I’m going to keep logging in.

You are the ultimate parasite. Don’t be too generous with pats on your own back. Seen others like you “hanging around” chewing up resources but you this you are benefiting others. It’s ok to leave food on the tables for others. Just because you can…. Why don’t you let go and give others an opportunity? Pure selfishness

Nobody is obliged to provide an opportunity for someone else. The idea that you are owed a good job instead of achieving your own success is why you're not successful; it has nothing to do with other people being successful and somehow preventing you from doing what they did.

[Anonymous]

Retirement isn’t all about money. People work because they like to work. It brings satisfaction. And they don’t know how to spend so much free time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Simple: Because for some people work isn’t work..
When you’re 30 and at the beginning of your career it’s stressful and time consuming and you’re probably counting down the days you no longer have to work. if you have the luck to grow so much in your career, by the time you could retire you may not really want or need to.

I’m now in a position where I make a LOT to pretty much do nothing but use my brain At my level I get lots of job satisfaction by mentoring and giving back the next generation. People in my field/conpany respect and look up to me, reach out to network, and want my advice. I speak at conferences. I have the ability to refer someone for a job or give someone a leg up. I get lots of perks from my job which enhance my personal life (eating out at the nicest restaurants, Uber black, first class flights, free computer and phone, subscriptions, etc). I have a admin assistant and career coach. Work life balance is great! My status gives me lots of once-in-a-lifetime bucket list experiences. Earlier this year I shared a stage and had private lunch with an A-list celebrity who works with my company and I have box seats at the US Open in 2 months.

I see this perspective from others I know who may not even have such extreme circumstances. Usually the type of person who has the drive to earn and save multi-millions has the intrinsic need to continue achieving. Think of top athletes, politicians, and business moguls. The way I see it - I’ve worked really hard for a lot less and had to juggle life on top of it. With all the sacrifices and effort I put in over the last 25 years to get here, why would I stop “working” now. Retiring at this point would be boring and feel more like giving up and leaving a lot on the table. I grew up with a kit less, so I do think the generational wealth I’m creating is a key driver for me, but aside from more money I’m a lot healthier mentally and physically and emotionally as well. I may step back in 10 years for some unforeseen reason, but until then I’m going to keep logging in.

You are the ultimate parasite. Don’t be too generous with pats on your own back. Seen others like you “hanging around” chewing up resources but you this you are benefiting others. It’s ok to leave food on the tables for others. Just because you can…. Why don’t you let go and give others an opportunity? Pure selfishness

Nobody is obliged to provide an opportunity for someone else. The idea that you are owed a good job instead of achieving your own success is why you're not successful; it has nothing to do with other people being successful and somehow preventing you from doing what they did.

No one said I was unsuccessful. Happily retired few years back at top of my game at 44. Now providing opportunities for others - and yes, by not hanging around collecting a paycheck.

[Anonymous]

Anonymous wrote:You can spend 10k+ a month forever on a portfolio of this size. Seems like I could retire comfortably on this amount, even needing to pay for health insurance and having 2 kids. We are 30/31 with $2M so not at this level yet.

Asking because there are a lot of rich people on here with way more than 5M who still work.

I would! I can tell you that because I will actually retire with far less in the bank and a lower income. I will be fine, but that would be a step up for me and most Americans.