And that’s the $5M point

[Anonymous]

Anonymous wrote:We retired with $3 million in retirement plans and brokerage, and a paid off $1.2m house. Small pension, $3k/month, kids launched/done with college and grad school, and health insurance fully covered.

Health insurance fully covered is the only reason we could retire with these numbers

Federal insurance?

[Anonymous]

Anonymous wrote:Remember that the $120 trillion wealth transfer is coming. If your parents are dead or not rich, it just means all the millenials are going to be richer than you in a few years, and you know no one cares about Gen X.

Except most of the wealth is concentrated so the majority of millennials won’t be inheriting very much. And if your parents have a few million but not much more, that will be gobbled up by end of life costs. Not to mention remaining amount will be split between siblings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

OP, congrats on the family money. You’re full of it if you expect people to believe you accumulated this much by the time you reached 47 and did so without help.

Do you really think it’s that hard for a decently successful person to hit 5 mil by late 40’s? That’s pretty standard for anyone with 500k+ HHI assuming they started young enough

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

OP, congrats on the family money. You’re full of it if you expect people to believe you accumulated this much by the time you reached 47 and did so without help.

Do you really think it’s that hard for a decently successful person to hit 5 mil by late 40’s? That’s pretty standard for anyone with 500k+ HHI assuming they started young enough

Well, this little thing called Google says it puts you in the top 1-2 percent so no it's not "pretty standard."

Dick.

[Anonymous]

Thanks retired law partner for sharing your experience.

We have about 5M plus fed pensions that will pay roughly 130K annually, one of us has left and one of us will not depart fed service for 6-12 months. We will have federal health insurance but still have one child left to get through college.

We plan to work for at least 5 more years, but that is because we enjoy our jobs and we will only use it to make retirement nicer. It’s huge to know we don’t have to work, but it is hard to get our arms around it mentally. The idea of spending any of this money we have been savings for so long feels like we are doing something wrong.

[Anonymous]

Anonymous wrote:Thanks retired law partner for sharing your experience.

We have about 5M plus fed pensions that will pay roughly 130K annually, one of us has left and one of us will not depart fed service for 6-12 months. We will have federal health insurance but still have one child left to get through college.

We plan to work for at least 5 more years, but that is because we enjoy our jobs and we will only use it to make retirement nicer. It’s huge to know we don’t have to work, but it is hard to get our arms around it mentally. The idea of spending any of this money we have been savings for so long feels like we are doing something wrong.

As a fellow, albeit former, fed, I want to say to you, "come on in, the water is fine!" So long as you have your post-retirement life planned hobbies expanded, travel, etc. so you won't be sitting around all day. TSP has nice withdrawal options that pair with pension so that it's like getting a 2x monthly paycheck. My post-retirement "pay" based on a less than 4% withdrawal is more than my former paycheck. And I can do lots of neat things that I didn't have time for when I was working. I'm just saying this because I don't want you to miss out on life - we are not getting younger, health issues crop up, and Feds as a group are quite conservative/resistant to change. Yes, it's a big change. But it will be okay. Great even!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Remember that the $120 trillion wealth transfer is coming. If your parents are dead or not rich, it just means all the millenials are going to be richer than you in a few years, and you know no one cares about Gen X.

Except most of the wealth is concentrated so the majority of millennials won’t be inheriting very much. And if your parents have a few million but not much more, that will be gobbled up by end of life costs. Not to mention remaining amount will be split between siblings.

The overestimation of "end-of-life" costs on these forums never ceases to amaze me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

OP, congrats on the family money. You’re full of it if you expect people to believe you accumulated this much by the time you reached 47 and did so without help.

Do you really think it’s that hard for a decently successful person to hit 5 mil by late 40’s? That’s pretty standard for anyone with 500k+ HHI assuming they started young enough

Being rich is pretty standard for rich people... yes, that is true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

That is nice. But I just heard you now need ten million to retire. It is a big milestone. But what gets me mad is I was told when did my first 401k if I hit one million I could retire rich!!, then around 10 years ago Suzie Orman started pushing you really need 5 million to retire. Ok, I get it inflation. Now in the last year or so people are pushing you need 10 million. They are staying 5 million is ok if you are 65 today but a 45 year old person will need at least 10 million by the time they retire.

When does it stop? I guess kids in college today will need 20 million to retire.

It will get worse. Wall Street now has their guy to give them the interest rate they want. He will print so much money you will be tired of winning and will be begging for the stock market to pleaaase crash so you can be sad for a few days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We just crossed it, this morning, based on this market price advance. (Investment portfolio, not counting house.)

OP, congrats on the family money. You’re full of it if you expect people to believe you accumulated this much by the time you reached 47 and did so without help.

Do you really think it’s that hard for a decently successful person to hit 5 mil by late 40’s? That’s pretty standard for anyone with 500k+ HHI assuming they started young enough

With no family money and lower than 500 k HHI, we hit 5 million in our early 50s.