People with $5M+ NW, why do you still choose to work?

[Anonymous]

Anonymous wrote:I’m 55 and probably at the peak of my career. I have launched a program that will take 3-5 years to be fully realized, after that I can pass it off to someone else and retire. Kids are still in high school annd I want to maintain great health benefits for one kid who has a lot of medical issues. Also, much of the wealth is new to us (dead parents) so it just doesn’t seem real. I still economize, despite our net worth being around 9m if I add it up.

Congratulations!

[Anonymous]

I’m 54 and there. I’m not ready to retire yet but have cut back on my hours by 1/3rd.

We plan on retiring in the next 2-6 years. I really like what I do and am fortunate to be able to do a few days a month if I want. So my idea of retirement is working 1/3rd of full time.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:I quit my teaching job when we hit $5m. I just couldn't put in another 5 years. We pay out of pocket for insurance for 3, while my DH is on Medicare.

Your DH is old enough for medicare and you still have TWO kids on your health insurance?? Wow.

Can't kids be on health insurance until 26 or something? When can you get Medicare? 62? 65? It doesn't seem that bad to me.

65. And yes, 26. So youngest age is 39 to become that parent.

It's not too bad for a man, but is a pretty bad idea for a woman.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:I quit my teaching job when we hit $5m. I just couldn't put in another 5 years. We pay out of pocket for insurance for 3, while my DH is on Medicare.

Your DH is old enough for medicare and you still have TWO kids on your health insurance?? Wow.

Can't kids be on health insurance until 26 or something? When can you get Medicare? 62? 65? It doesn't seem that bad to me.

65. And yes, 26. So youngest age is 39 to become that parent.

It's not too bad for a man, but is a pretty bad idea for a woman.

whatever. i had my kid at 47. it's fine. happier to have had them late than not at all. we're only at $3M liquid net, so will probably work for another decade or so.

[Anonymous]

Anonymous wrote:I think it’s weird that so many are working for generational wealth. Future generations will not know you or care about you, and your money will be gone quicker than you can imagine.

Not trying to be a jerk, but every wealth study shows that large inheritances are quickly separated and spent by indulged kids who didn’t work for the money, don’t understand how to make it, and feel undermined by it.

Think about it: if most people work because it’s a necessity and later because they’re good at something, a big inheritance just stops many from even trying.

This isn’t to say that you can’t help your kids, but doing everything for them and your grandchildren before they even try isn’t really a gift; it’s about you showing them how great you are.

For us “generational wealth” just means downpayments for our kids (we are aiming for $250k each) and complete college funds for our grandchildren. Everyone will still need to work, and they know it. They will inherit the rest in their 60’s assuming at least DH or I live an average life expectancy.

[Anonymous]

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Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

Yes. I am the first woman on either side of my family to have a graduate degree and I'd like to leave lots of money to future generations. It's a ego thing, I freely admit it.

How could that feed your ego? Your descendants won't care. They'll just take it. You'll be forgotten quicker than you can imagine.

It feeds my ego to be an executive rather than a retired old lady.

That is so sad.

Why? I do volunteer work I find meaningful, I travel, I have friends. No grandchildren yet. Why the judgment? It’s better to spend all day every day doing what you want and indulging yourself?

But you said the most meaningful thing in your life is your corporate job. All the other stuff makes you an "old lady". I think its sad that being an older woman without a corporate job isnt enough. A woman in her 50s or 60s should be able to find her value in volunteering, travel, friends, family, hobbies, that is enough. It is sad to me that people bought the corporate kool aid about needing to keep working to be valuable.

WTF, the only thing I am good for is volunteering, travel, friends, family, hobbies?

You do you, but don’t tell me what’s important for me or what “should” be enough.

What does it matter to you that I am still working? What is wrong with you?

[Anonymous]

My FIL kept working into his mid-70s despite the fact that they had that much (and a paid off house, no debts, etc.) in part because they always had anxiety about money and never got a good financial planner to help them figure out what they needed for their goals. They say they wanted to provide more generational wealth but it meant that they were still bound to a work schedule and barely came to visit, and FIL only retired once diagnised with a disease that prevented him from continuing to work. It's preventing him from doing a lot of other stuff too, like travel. They never had those golden retirement years and the kids don't know them well because we only see them when we make the journey.

[Anonymous]

Anonymous wrote:I’m 54 and there. I’m not ready to retire yet but have cut back on my hours by 1/3rd.

We plan on retiring in the next 2-6 years. I really like what I do and am fortunate to be able to do a few days a month if I want. So my idea of retirement is working 1/3rd of full time.

To this poster: When did you start scaling back? I am a bit younger and looking to do this same thing but just can't seem to pull the parachute to ask my employer to scale back. We have enough money but still hard to give up the paycheck.

[Anonymous]

Anonymous wrote:I think it’s weird that so many are working for generational wealth. Future generations will not know you or care about you, and your money will be gone quicker than you can imagine.

Not trying to be a jerk, but every wealth study shows that large inheritances are quickly separated and spent by indulged kids who didn’t work for the money, don’t understand how to make it, and feel undermined by it.

Think about it: if most people work because it’s a necessity and later because they’re good at something, a big inheritance just stops many from even trying.

This isn’t to say that you can’t help your kids, but doing everything for them and your grandchildren before they even try isn’t really a gift; it’s about you showing them how great you are.

We have two children. One will blow through the inheritance and the other will save every penny of it. I like the idea of the one who spends to at least have a home that’s paid for. They make enough to support themselves but spend every extra dollar they have. The saver will end up with a nice home and create even more generational wealth. Raised them the same but boy did they turn out differently.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

Yes. I am the first woman on either side of my family to have a graduate degree and I'd like to leave lots of money to future generations. It's a ego thing, I freely admit it.

How could that feed your ego? Your descendants won't care. They'll just take it. You'll be forgotten quicker than you can imagine.

It feeds my ego to be an executive rather than a retired old lady.

That is so sad.

Why? I do volunteer work I find meaningful, I travel, I have friends. No grandchildren yet. Why the judgment? It’s better to spend all day every day doing what you want and indulging yourself?

But you said the most meaningful thing in your life is your corporate job. All the other stuff makes you an "old lady". I think its sad that being an older woman without a corporate job isnt enough. A woman in her 50s or 60s should be able to find her value in volunteering, travel, friends, family, hobbies, that is enough. It is sad to me that people bought the corporate kool aid about needing to keep working to be valuable.

WTF, the only thing I am good for is volunteering, travel, friends, family, hobbies?

You do you, but don’t tell me what’s important for me or what “should” be enough.

What does it matter to you that I am still working? What is wrong with you?

You do you but dont tell me not to have my opinion! It is sad to find the most value in a corporate role. Period. I will judge anyone who believes that is the best way to spend their senior years. Something is broken inside you to need that empty validation.

If you continue to work because you need the money, OK. If you continue to work because you love your job, OK. I cant relate to either, but whatever. But claiming you work because your ego and identity are tied up in a corporate role is messed up.

[Anonymous]

We’re 46/40 with 7.5m (6m invested). She’s not working, he’s working a half schedule in a fully remote, contract job that still pays well. Have 2 young kids. Will probably keep ramping down or maybe even up as we see fit.

[Anonymous]

We are already 10M+ and I still work at age 52. My spouse does not. My main driver at this point is health insurance and I like my job and it's incredibly flexible and I have a lot of leave. I wouldn't be working myself to the ground in any kind of job at this point in my life. But this is worth it to hang on to the very good employer-based healthcare.

We have 2 kids at home.

[Anonymous]

at 64 with 3 kids & wife on plan. The two oldest I could drop as could get through work as out of college. But I have a family plan anyhow as youngest still in college and wife does not work.

For men it is interesting I am seeing a lot more men work at 65 and over. Yes they get Medicare at 65 but wife is often under 65 and several at work have kids under 26 still on plan. Plus full SS is now 67 and no age limit on 401k so they keep putting into it. My friends wife for instance is 7 years younger. He will be 72 when she qualifies for Medicare.

and my other friend married a lady with kids and those younger kids are on his medical plan.Those kids graduate college when he is 72.

Kinda like Modern Family Glorias husband was over 65 but everyone still on his plan and paycheck.

[Anonymous]

Anonymous wrote:Read the other thread about what people that retired with that NW are doing in retirement. Not that inspiring.

If you like your job and have the ability to lean into work life balance while you continue to earn, live well and save, I see no reason to retire yet.

Except most with $5M in late 30s don't have much "work life balance" with their current jobs. you don't typically make that much and get WLB

Also, what needs to be "inspiring" about someone's retirement plans? If they are happy with what they are doing, that's what matters.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:Some people just have that dog in them despite being worth $5M or $20M or $100M or whatever.

Yes. I am the first woman on either side of my family to have a graduate degree and I'd like to leave lots of money to future generations. It's a ego thing, I freely admit it.

How could that feed your ego? Your descendants won't care. They'll just take it. You'll be forgotten quicker than you can imagine.

It feeds my ego to be an executive rather than a retired old lady.

That is so sad.

Why? I do volunteer work I find meaningful, I travel, I have friends. No grandchildren yet. Why the judgment? It’s better to spend all day every day doing what you want and indulging yourself?

But you said the most meaningful thing in your life is your corporate job. All the other stuff makes you an "old lady". I think it's sad that being an older woman without a corporate job isnt enough. A woman in her 50s or 60s should be able to find her value in volunteering, travel, friends, family, hobbies, that is enough. It is sad to me that people bought the corporate kool aid about needing to keep working to be valuable.

Definately!

I went from being a SAHM to "retired" It's the best thing. I have value and don't need a paycheck to get it. Nice to be able to do what you want (volunteering, traveling, etc) without having to plan around a job.