At what age will you retire and with how much?
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Anonymous
| Classic DCUM... here come all the $15M at 40 years old answers |
Anonymous
| I’m 56 and single with about $9m in investments and retirement funds. Have 3 mil in houses totally paid off and I am terrified to retire. I am afraid health insurance will cost too much. Kids still on my insurance. |
Anonymous
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I retired 8 years ago at 53 with a net worth of about 4 million. Have a SAH spouse. Kids (four of them) were all out of college when I stopped working. Obviously we paid for college.
Eight years later, our net worth is about $7 million (was more than $8 million before the market downturn). About $800k is home equity. |
Anonymous
| DH will be 63.5 so we can do COBRA until he turns 65, then it will be just me on the ACA until I turn 65. This is in 17 months. We have about $5m including house ($1m). No pensions, will wait a bit to get SS. Hopefully the ACA is still up and running. |
Anonymous
? you're kind of a fool. We have private insurance. Granted, it's a high deductible plan, but it's $1300/month for a family of four in MD. It's probably higher in VA, but still.. you can afford it with 9mil in investments. Sheesh. We plan on retiring before 65 and just pay for private insurance. |
Anonymous
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Hope to have $3-4million (DH and I combined) to retire around age 65 over 20 years from now. No pension.
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Anonymous
why wait to get SS? SS is not taxed at the state level, depending on where you live, and I believe only 85% of it is taxed at the federal level. It would make more sense to keep more money in your investment account to let it grow and just get ss early. Plus if your retirement account is sizeable by the time you hit RMD age, and you get the max out of ss, your taxes would be higher. |
Anonymous
12mm NW and "terrified" you can't retire? Good lord. I can't tell if you have extreme anxiety or are just hyperbolic. |
Anonymous
+1. I'm the poster above who retired at 53. Our insurance is $1400 a month. Not cheap but doable, and most years some of it ends up being tax deductible. |
Anonymous
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DH is 68 and is contemplating retiring in summer 2024. We still have a HS student.
Assets: $700K in home equity $5M in 401K, IRA, and deferred comp investments $3M in after tax investments $450K in cash $350K in College 529 Liabilities: 3 more years of private school at $40K per year 4 years of college (covered by 529) |
Anonymous
Meant to add that health insurance is covered 100% by DH's company in retirement with full coverage and no deductibles both in and out of network providers. Essentially, we will not pay a dime for health expenses for the rest of our lives. |
Anonymous
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Hoping to retire around 65, but may work a bit after that (I do consulting so easy to continue at a much reduced level for a couple of years).
Have around $10m net worth now, plan is to get to $12m before retiring. DH will have a small pension from a previous job. $4m of that is in paid-off houses, but expect to downsize one of them in a few years so will get some cash out of that. |
Anonymous
Moral of the story- don’t marry a second/much younger wife if you want a real retirement |
Anonymous
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I'm 53, widowed with one kid, and semi-retired. I work for myself and have contracts in place through 2024, but I'm not pursuing new ones.
$9M net worth currently. $1.2 of that is a paid-off house. $150K is in a 529 for my 16yo daughter. I'm estimating she could need another $300K if she goes the private route, which would leave $7.35M for me - plus whatever I can add over the next couple of years. I've been paying my own healthcare costs for six years and while it's a large line item, it's doable. In line with what other posters have said, about $1300/month. |
Anonymous
| I'll not retire. I'll keep working for as long as I can. Most people are doing jobs that they don't really enjoy and can't wait to stop working. I'm lucky to have a job that I love. |