Enough to Retire?

[Anonymous]

Of course, it's enough. I'd retire in a heartbeat if I had what you do.

Signed a 50-year-old single parent with a net worth of about $400,000, including home equity and 401(k).

[Anonymous]

Yes, you can retire, congratulations! Of course this would not entail beach front residence, exotic vacations in first class and new luxury vehicles /boats, etc. So, really depends on what you view as retirement and I am also not sure what lifestyle you have now, but if I had 200K a year coming in without having to pay for housing or have to save for college, I would live a fine life, which includes dining out, traveling (coach and not to 5-star resorts, but still nice places), having comfortable reliable cars, theater, movies, etc. You won't be scraping around with this much, let's just say that.

[Anonymous]

As long as you will maintain health insurance and are healthy and no disasters in sight and as long as your kids will be self-reliant and won't need your constant support you will be fine. You have to make a decision how much to help your kids and to make sure they don't grow up to rely on income.

[Anonymous]

Respectfully, how did you make your millions?

[Anonymous]

Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

[Anonymous]

Anonymous wrote:Really? Someone on this board thinks you can't live on $150K a year when you no longer have a mortgage, college savings or retirement savings to worry about?

What the HELL do you people spend your money on?

I wouldn't want to. We make a little over $400K now, no mortgage, but are still saving a bit for college and retirement. If we wanted to live on $150K, one of us would SAH.

[Anonymous]

http://www.firecalc.com/

You can input plenty of variables, like annual spending, expected retirement benefits, future ongoing and lump-sum investments, portfolio, and then run and it will give you the likelihood of outliving your portfolio.

[Anonymous]

Anonymous wrote:In another 10-15 years, depending on when you elect to start receiving benefits, you can add Social Security to your income mix as well.

Wouldn't count on it. I am planning to retire without depending on social security. It's a ponsi system that will bankrupt itself.

[Anonymous]

I'm curious if those responding all have or plan to have more than $7 million at 55 or when they retire? Or are you all joking?

[Anonymous]

Using Firecalc.com looks like with a $6.5 mil (I subtracted your house) portfolio, and basic other settings, you could spend $250k a year for 30 years with a 96 percent likelihood of success (not running out of money).

So yes, you can retire, so long as you feel you can live on $250 a year.

Next question is: what will you do? How will you fill your time?

[Anonymous]

I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

[Anonymous]

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

Haha maybe. It does seem pretty nuts. I have a net worth of $1.5M at 43 and I know exactly when and how I can retire.

[Anonymous]

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

[Anonymous]

Good planner at choosetosave.org. Go there, and enter the numbers in the calculator including the amount of income you wish to have after retirement and it will give you a ballpark estimate of how much you need to save. You can compare that with what you have and get a good idea of how much more you'd need to save in order to maintain the lifestyle that you'd like to maintain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I find this this OP to be insincere. It is impossible that anyone could be savvy enough to accumulate $7.5 million in net wealth by age 55 and yet be unsure about how they will survive in their retirement years.

This is a false thread created by Certified Financial Planners for the purpose of selling theirs services.

But I don't get who the target audience would be? You sort of said so yourself: who has $7 million and doesn't know how they will do in retirement? No one, I'd guess. So not much of a sales tactic. But I agree that it does sound off.

There are a lot of people in this targeted market who have a net wealth of $0 - $7.5 million who may read thread and believe if of person with such wealth needs a CFP, then maybe they do too. The only scenario I could imagine for a person of such wealth tone so clueless would be in the unlikely case of a lottery winner or some truly unexpected inheritance.