Thoughts on how much I would needy retire luxuriously at 45?
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Anonymous
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We are extremely fortunate and have self made a relatively very substantial sum by 35. Prospects only appear better and better. Clearly we could afford to retire now, but all things being equal, we would still be young in 10 years and luxury is nice. How much would you want to retire luxuriously at 45?
We have 4 young kids, make over $1m/ year. Net worth of $7.5m. Monthly expenses, all in, including mortgages, nanny, housekeeper, is $25k/month. |
Anonymous
| Will you pay off your home be paid off by then? You probably won't need a nanny in 10 years and if your mortgage is gone, you should be fine. |
Anonymous
| Given your situation - I would think it is more valuable to got talk to a financial advisor than DCUM. |
Anonymous
| You are already "retired" in that you can choose to work or not. So what you do during the day is choice, not necessity. Continue with work you love. Retiring isn't really a concept that fits your situation. |
Anonymous
| $15M plus $1M for each of the kids upon my death. Unless you own a company and can bequeath them equity |
Anonymous
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Someone (your spouse?) has already asked that :
http://www.dcurbanmom.com/jforum/posts/list/282656.page |
Anonymous
but you might want to talk - b/c they are not planning on retiring until 55! |
Anonymous
| OP, if you don't mind sharing, what do you do? |
Anonymous
| Use one of those retirement calculators. $7.5 million definitely won't replace a $1 million a year income for very long. If you get a 5% return you'd get $375k per year without touching principal. That's not enough to retire luxuriously. But you also need to estimate how much you will be able to add to that over the next 10+ years. I've got $3.5 million so far and am trying to accelerate savings significantly over the next 10+ years just to have a semi decent retirement. |
Anonymous
My guess : partner at a law firm or business owner |
Anonymous
| to reliably have an income of about $1 million going forward, you should have an asset amount in the range of $26 million. |
Anonymous
Clearly, from other thread, OP trolls DCUM about fictitious retirement scenarios. Must be pretty lucrative. |
Anonymous
| This has to be a troll - who asks these kinds of questions on DCUM? Wouldn't you go to a financial planner? Unless you just want to get on here and brag. |
Anonymous
| "Mortgages" means no. Once you actually own something, then you can retire. |
Anonymous
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wtf is luxuriously , eating 1/4 a can of caviar and throwing the rest away? Personal toilet paper technician assistant?
Please define this luxurious lifestyle. |